One of Minnesota's best-known resorts is going on the auction block this spring.
Izaty's Resort on Lake Mille Lacs will be sold in bankruptcy auction at 11 a.m. on April 3 at the resort in Onamia, said Doug Kassebaum of the law firm Fredrikson & Byron, P.A. of Minneapolis, which filed Chapter 11 bankruptcy papers on behalf of the resort.
The court will be asked to approve the sale the following day.
It's not clear what that means for the future of the resort, or for people who have reservations there this summer. "It depends on what the new owners decide to do," Kassebaum said.
Poor summer weather and fishing restrictions imposed on Lake Mille Lacs and "external factors" contributed to the resort's financial problems, Kassebaum said.
The sale, being handled by the luxury real estate auction company Albert Burney, includes the resort's two 18-hole golf courses and clubhouse, hotel, restaurant, marina, maintenance facility, a sewage treatment center and a three-bedroom house and a four-bedroom house.
Interested buyers can schedule a property tour or request brochures on the property by calling the auction company at 1-800-434-1654.
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