StarTribune.com
auction040408

Home | Local + Metro

Izatys Resort sold for $3.08 million

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.

Recent Local + Metro stories

Anoka County to launch ads against swine flu in fall - April 3, 2008
Anoka County to launch ads against swine flu in fall - TV warnings about hygiene timed for the start of school. More

Comment on this story  |  Be the first to comment  |  Hide reader comments

Subscribe
Shopping + Classifieds
Cars: Get A Quote

Get a Quote!

Price out the perfect vehicle for you. Select features and options.

Win tickets to see Black Francis at Triple Rock.

Vita.mn presents Black Francis (aka Frank Black of The Pixies) at Triple Rock on July 10.

See all contests