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!
Does anyone know the status of the marina? Out time share beings the first week of June and we were just told that we cannot rent a boatslip this year. That’s the only reason we go – so we can fish for week without launching and recovering each time.