March 26, 2011 | 03:18 PMDelavan - An agreement for the purchase of Lake Lawn has been made and now the documents are in the hands of attorneys to legalize the sale.
On Friday afternoon, as many as 13 banks who are stakeholders in the foreclosed property, agreed to sell Lake Lawn Resort to Jim Drescher and his group of local investors for $9.5 million. The agreement came on the heels of a few weeks of work by Drescher negotiating with bank officials, specifically Patrick Wright of Anchor Bank.
Because the property was in foreclosure, Drescher said it should be a relatively easy closing as a quick claim deed. Drescher and his group of investors are purchasing the property "as is" with their cash offer. Drescher and his investors raised about $12 million during the past few months in an effort to buy the property and reopen it.
Saturday, Drescher said he expects closing of the real estate deal in mid-April and the first order of business on the property will be to prepare the golf course for the 2011 season.
The resort closed at the end of last year and resulted in 300 lost jobs. Drescher said all those jobs won't be back right away. He said he expects a "long gear up period." He plans to hire a manager for the facility.
Drescher, who owns J.D. Development and runs the W.C. Food Pantry, will remain involved in the opening and running of the facility. Lake Geneva's Sal Dimiceli, of Lake Geneva Area Realty, has been involved in the purchase effort by Drescher, and has helped with that process, but he is not an investor as previously stated in other reports on this matter. Dimiceli also runs the charitable organization the Time Is Now To Help, which is involved with the W.C. Food Pantry.
Read more about the sale and the future of Lake Lawn in the Lake Geneva Regional News and on this website. Go to our Facebook page and become a fan of the Regional News to see these stories as they are posted.