Source: Lake Geneva Regional News

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BREAKING - Lake Lawn purchase may be done deal

March 24, 2011

Delavan - It appears as though a done deal is very close for the purchase of Lake Lawn Resort.

There are reports that a deal has been struck between Anchor Bank and other financial institutions and local businessman Jim Drescher and his group of investors.

Reportedly, the deal is for $9.5 million for the property, which is assessed at about $31 million.

Drescher has said his plan is to reopen the facility for the good of the area by bringing back 300 jobs that were lost when the resort closed at the end of last year.

Drescher has said his investors raised about $12 million. Drescher runs the W.C. Food Pantry in Geneva Township and one of the investors is Sal Dimiceli, of the Time Is Now To Help and proprietor of a Lake Geneva Real Estate Company. Drescher also owns JD Development.

Drescher has been working on the purchase for several weeks and admitted Thursday night, March 24, to city of Delavan officials that he would make his final offer the next day. He was supposed to receive a letter from Delavan city officials backing Drescher's purchase. That letter was supposed to be included in Drescher's offer Friday morning. Bank officials were expected to come to Lake Lawn Friday to discuss the resort later in the afternoon Friday.

However, the deal is not final. According to reports, a contract is supposed to be signed tomorrow, Saturday, March 26. A closing date has been set for the middle of April.

Check back for more updates on this story as soon as they become available and are posted.