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Posted: 6:32 AM Oct 31, 2008
Bank holding note buys bulk of Double JJ resort
Grant Township, MI A bank that made a construction loan to the bankrupt Double JJ Ranch and Resort has placed the winning $8.65 million bid for the bulk of the 1,200-acre western Michigan property.
Reporter: The Associated Press |
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A bank that made a construction loan to the bankrupt Double JJ Ranch and Resort has placed the winning $8.65 million bid for the bulk of the 1,200-acre western Michigan property.
BankFirst of Minnesota made the bid Thursday at an auction ordered by a federal bankruptcy judge. Another bidder bought the Thoroughbred Golf Club for $1 million, and others paid $150,000 for equipment, horses and various animals.
The resort says in a news release BankFirst is negotiating with investors who might be able to resume the resort's operations.
The Double JJ features an indoor water park, hotel, golf course, stables and conference center. It's near Rothbury in Oceana County's Grant Township, about 180 miles west-northwest of Detroit.
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