Izatys Resort sold for $3.08 million

By TIM HARLOW, Star Tribune

Last update: April 3, 2008 - 11:44 PM

Izaty's Resort has been sold for $3.08 million to Todd Christenson, owner of Mille Lacs Golf Resort , which includes the Hardwoods Golf Course in Garrison.

Albert Burney, a luxury real estate firm, handled today's bankruptcy auction at the popular resort on the south shore of Lake Mille Lacs. Courts approved the bankruptcy auction after the Minneapolis law firm Fredrikson & Byron, P.A. filed Chapter 11 papers on behalf of the resort earlier this year.

The 500-acre resort near Onamia, Minn. includes two 18-hole golf courses with a driving range and practice greens, a clubhouse, hotel, restaurant, conference center, marina, sewer treatment center, maintenance facility, and two houses designed for employee housing.

It's not clear what the future holds for the resort.

"It depends on what the new owners decide to do," Doug Kassebaum of Fredrikson & Byron said in February when the auction was announced.

Izatys filed for Chapter 11 after poor summer weather, fishing restrictions imposed on Lake Mille Lacs last summer and other factors contributed to the resort's financial problems.