Michael Frank Goodwin was arrested at his Dana Point home in Orange County shortly after 3:30 p.m. PT, said Los Angeles County sheriff's Sgt. Jim Hellmold. Goodwin was being held at the Orange County Jail without bail and was to be arraigned Monday.

He was booked on two counts of murder and one count of conspiracy with three special circumstances -- lying in wait, murder for financial gain and multiple murder -- the Orange County District Attorney's Office said in a statement. Prosecutors said they will decide later whether to seek the death penalty.

The 59-year-old Thompson -- once dubbed the "Speed King -- and his wife, Trudy, 41, were shot March 16, 1988, in the driveway of their mansion in the gated community of Bradbury, about 20 miles from Los Angeles.

Goodwin's attorney said the arrest was no surprise.

"We've been expecting it and planned for it," Jeff Benice said. "I don't think anybody, including Mr. Goodwin could put into words the kind of depressing, demeaning conduct and state of mind he's been subjected to by authorities. His reputation has been destroyed."

Investigators have said they believe the slayings were part of a murder-for-hire plot, noting the killers left behind $4,000 in cash and thousands of dollars worth of Trudy Thompson's jewelry.

Witnesses reported seeing two men flee the scene on bicycles, and prosecutors allege Goodwin aided them by providing a stun gun. The two men have never been apprehended.

Goodwin, a rock 'n' roll promoter turned bike-racing enthusiast and once known as the "Father of Supercross" for his 1980s dirt bike competitions, was a partner with Thompson promoting off-road racing. But a bitter breakup led to a series of lawsuits and a $514,000 court judgment in Thompson's favor. That award helped force Goodwin into bankruptcy.

But Goodwin has maintained they patched up their differences shortly before Thompson's death. He has consistently maintained he had no role in the killings.

Goodwin has said scrutiny of him as a suspect was pushed by Thompson's sister, Collene Campbell, who has offered a $1 million reward for information leading to the killers' conviction.

Campbell issued a statement Thursday night saying her family was "relieved that finally we are headed toward justice."

"For 5,011 days, that's 13 years and nine months, I have prayed that justice would be served," she said. "An arrest and conviction won't bring Mickey and Trudy back, but it will make a lot of us feel better."

During the 1950s, Thompson set nearly 500 auto speed and endurance records. In 1960, he became the first person to travel more than 400 mph on land.

He also was a drag racing innovator, building and driving the sport's first "slingshot" dragster.