I just got back from the Sportsman Show at the Minneapolis Convention Center. I bumped into a friend who has been selling resorts for 20 years. Word on the street is that Izaty’s Resort was sold for $2.8 million (free and clear) at auction today. A steal. It had been listed for sale at $11M and I believe the debt on the property was in the $5M – $6M range…this final sale price number knocked my socks off.
Izatys Resort features two (2) 18 hole championship golf courses, hundreds of acres of land, a huge marina on Mille Lacs and the list goes on and on. Visit their website here.
For all of you out there sitting on $2.9M – you missed out today!
Update: More info here & here.
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