LUTSEN, Minn. (AP) - An iconic resort on Minnesota’s North Shore is on the market for the first time in nearly three decades.
Longtime owners Nancy Burns and Scott Harrison have put the Lutsen Resort, which is northeast of Duluth, on the market for almost $10 million, the Star Tribune (https://strib.mn/2sQY2aR ) reported.
The resort was founded in 1885, and includes 50 acres, a ballroom, a covered bridge, restaurants, a main lodge and beds for 700 people. The adjacent ski hill, the Lutsen Mountains, is owned by a different company and isn’t part of the sale.
Lutsen is the latest in a series of vintage Minnesota resorts to go up for sale in the past year. Real estate agents said the sales were mostly driven by the retirements of previous owners but could also be a sign that low interest rates and the state’s strong tourism business are making resort properties a strong investment.
A local broker, Daniel Houle of Minnesota Resort Sales, estimated there are more than 1,000 resorts in Minnesota. His company has more than 20 listed for sale and there might be another 50 resorts listed, he said.
“There’s not a mass exodus” of resort owners leaving the business, he said.
If sold at list price, the Lutsen Resort would be the biggest of the recent resort deals. The Gunflint Lodge sold for just more than $6 million last year.
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Information from: Star Tribune, https://www.startribune.com
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