OAK BROOK, Ill – Inland Real Estate Auctions, Inc. announced today it will auction Tuscumbia Country Club in Green Lake, Wis., home to the state’s oldest golf course. The resort property also includes a full restaurant and the Green Lake Lodge, a 10-unit log cabin-style luxury condominium development completed in 2006, and an adjacent development site. The auction will take place in May.
The winner of the auction will own a landmark 18-hole golf course, founded in 1896 and carefully crafted and improved over 100 years. The resort destination includes a recently constructed clubhouse that is home to 680 North, a full-service restaurant in a venue suited to live entertainment. Green Lake Lodge offers upscale hotel/condominium living complimented by all of the club’s amenities and located next to beautiful Green Lake.
“This is another case where the auction process is an ideal fit for selling high-value trophy properties,” said Frank Diliberto, president and CEO of Inland Real Estate Auctions. “It’s difficult to place a value on an operating resort business, especially when there’s a development component to the package. The auction process establishes bids from various buyer-types, providing real evidence of value.”
Just over a year ago, Inland Real Estate Auctions garnered significant media attention with its sale of the Otsego Club Hotel & Resort, a golf, ski and vacation facility in the alpine village of Gaylord, Mich., home to an award-winning golf course and a full-service private ski facility with 27 runs.
The flexibility of the auction process is perfectly suited to a property like Tuscumbia, which has so much to offer, Diliberto added. While the property may be sold to a single buyer, the golf course and clubhouse can also be sold separately from the Green Lake Lodge condos. These condos can be sold as a package to facilitate a hotel condo plan or individually to retail buyers. Originally valued from $240,000 to $500,000, three units are offered absolute regardless of price.
Bidders’ seminars and property inspections will begin soon and interested bidders are asked to call the auction line at (630) 990-5350 for further information and to receive a bidder’s information package.
One of the nation’s top auctions firms, conducting transactions from coast to coast, Inland Real Estate Auctions is part of The Inland Real Estate Group of Companies, Inc. (www.inlandgroup.com), a group of separate companies which collectively have been ranked as the 5th largest shopping center owner in North America, the 5th largest property manager in the United States and 16th largest Financial Intermediary in the United States, Inland is one of the nation’s largest commercial real estate companies. Inland’s national headquarters is in Oak Brook, Ill.
