For the first time, the iconic Bluefin Bay resort on Lake Superior’s North Shore is up for sale.
The property in Tofte, Minn., was listed for sale late last month, though the asking price was not publicly disclosed.
“We’ve had a lot of interest in it, “said Frank Jermusek, president of SVN Northco Real Estate Services, which is handling the listing. He added that the property has drawn interest and inquiries from across Minnesota. “If you look at some of the nicest resorts in Minnesota, it’s right up there.”
Overlooking Lake Superior, Bluefin Bay may be the most well-known of the Bluefin Bay Family of Resorts, but the listing also includes Surfside and Temperance Landing, also located off the lake along Hwy. 61 and within a few miles of each other, as well as several restaurants, a spa and employee housing for 92 workers.
Bluefin Bay CEO Dennis Rysdahl, who didn’t return a request for comment, has owned the resort since 1984 and is retiring, Jermusek said, so this will be the first time in 35 years that the property will be listed.
Bluefin, like other North Shore resorts, has become increasingly popular in recent years but faces a workforce shortage. Jermusek said the resort is in great condition and is well liked, especially among repeat visitors.
Bluefin Bay is the latest high-profile Minnesota resort to change hands in recent years.
Just a few minutes north of Bluefin, Lutsen Resort, which claims to be the state’s oldest, was sold in 2018 for about $7 million. In 2016, the family who owned the Gunflint Lodge, north of Grand Marais, sold it for more than $6 million after having it in the family for more than 80 years. And in 2015, Breezy Point Resort on Lake Superior was sold to Odyssey Resorts, the state’s largest resort developer.
“There’s a little bit of generational turnover,” Jermusek said of the retiring longtime owners of many of the resorts. He added, “The market is actually really good right now.”
His company also lists Caribou Highlands Lodge in Lutsen, which has 23,000 square feet and was listed for nearly $6 million, and Superior Shores Resort in Two Harbors for $17.5 million.