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This sort of thing happens a lot, especially in a greed led environment like F1. The big money is made on the construction. There's no money in putting on the race as FOM has to be fed, so you make your money by borrowing loads of money to cover the over-inflated prices and awarding contracts to close and friendly construction companies.
Once the bulk of the work is done and paid for, the developers lose interest.
Check out the story of Ciudad Real airport in Spain to see how it is done by experts....
There may be a Socha GP but I seriously doubt there would ever be a second.