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The Grebe

Izatys

10 posts in this topic

Seen in the paper where they are throwing in the towel and filing for bankruptcy. shocked.gif

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Chapter 7 or 11? Does the tribe own it or a private party?

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It was purchased a few years ago by private parties from the Twin Cities. The overhead at that place must be horrendous. Bill

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As a townhome owner at Izatys, I can say that what happened there was a group of guys came and bought the place, put not a dime into it and sold off many of the assets, including lots and marina docks. They then alienated the 130-owner townhome base and couldn't figure out why they wouldn't eat and drink at a place that charged them $500 to drive their golf cart to the clubhouse. The golf courses were once excellent. It is in bankruptcy and the hope is that some decent outfit with some vision will purchase and restore it to its former glory, possibly improving it and the area with an indoor water park, more lodging and a better golf experience.

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I have a buddy that has an every other year timeshare there. Is there anything he should be concerned about. I am not sure if he has been given any info but would like to pass on any "heads up" information to him. Thanks for any info.

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Sorry to here, on a side topic, are any rumors that the resort will be broken up into individual assets to be sold off by credit holders and a home owners association created up there for maint the properties.

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I at one time heard the parcels would be the marina, the clubhouse/links lodge and Sanctuary and Blackbrook. I had heard the tribe was interested in Blackbrook as they own adjoining land to east. However, they would probably get biggest bang for buck selling it whole. We have heard of offers of 4.5 million being turned down. One of the leaders we have heard in buying is a company called leisurehotels.com. Check them out as they are a big outfit with huge history of success. If they bought it, they would develop and make it a great place to be....

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I keep a fishhouse I stay in during the summer at Brandt's next door and my parents have two timeshares at the Izaty Village, so I have pretty much based my Mille lacs fishing (and golfing) out of Izaty's for the past 15 years. I think this is great news. A new owner is definitely needed. The marina is a joke with prices too match and the golf course needs attention.

I wonder what will happen with the people who paid the crazy sums for the slips? They didn't sell like the new group thought, but some did buy.

There is definitely an opportunity here for someone to come in and make a nice destination out of this place, but it will most likely require more additional investment than original.

I hope to see it, I wish i had it. smile.gif

EJ

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Star Tribune Article:

The owners of venerable Izatys resort on Mille Lacs Lake have filed for bankruptcy and hope to auction the property early next year, according to their lawyer and a recent filing in U.S. Bankruptcy Court in Minneapolis.

For now, Izatys is closed, and at a hearing on Jan. 10, attorney Jim Baillie will ask U.S. Bankruptcy Judge Nancy Dreher to review a plan to sell the lakeshore golf resort.

"We are asking the court to approve the hiring of Albert Burney, a national real estate firm, to conduct the auction ... and we're seeking to have the auction sale on March 27, 2008," Baillie said in an interview on Friday.

The owners, who bought Izatys in 2003, are listed as Dave Kramber of Onamia, Minn., the home of Izatys; Al Gluck of Colfax, Wis., and David Thomas of Chetek, Wis. Izatys, which opened in 1922, is about 90 miles northwest of Minneapolis.

A glut of golf courses, the lakeshore-condo boom, reductions in government and corporate retreats and recent low-snow winters for snowmobilers and skiers all cut into Izatys' revenue in recent years.

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I would think that the Time Share folks, are going to take this one in the shorts. Bummer!

Keith

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the timeshare folks have already taken some action, I hear. They may be building a indoor pool, sauna, fitness center over on their headquarters parcel. They say they can't relie on the resort anymore and with over 2500 timeshare owners, it makes sense to protect their investment. I would expect to see this in late 2008.

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