A Colorado-based investment company bought the 1,000 acre Telemark Lodge and Resort in Cable, Wis. in a Bayfield County auction Tuesday.
The Duluth News Tribune reported the company placed the top bid at $926,000. The resort, which has been the starting spot for the American Birkebeiner cross-country ski race since 1973, sold for $2 million in 2011.
WDIO in Duluth reported that Newco, LLC put down $85,000 on the purchase during the sheriff's sale. Newco hasn't revealed what it will do with the property, but James Bolen, executive director of the Cable Area Chamber of Commerce, said there will be discussions this week about possible plans. He said the bid came as a surprise.
"We will have to wait and see what happens. I spoke to the bidders after they purchased it and had some discussions with them. We will be meeting them with them in the next couple days," said Bolen.
Wisonsin Public Radio reports the historic lodge may be re-opened the lodge in time for the Birkebeiner ski race in February.
The property got into financial trouble in the 1990s and went through a series of ownerships and efforts to revive it. The resort was closed in March and abandoned by its operating company.
The sale includes the 215-room lodge, wastewater treatment plant, indoor tennis arena and alpine ski area