Built by a Swedish immigrant fisherman who found he could make more money luring tourists than lake trout, Lutsen Resort has long been an iconic Minnesota property known to every traveler on Hwy. 61 in search of Betty's Pies, Lake Superior agates and scenic hikes.
And now, for the first time in nearly 30 years, it's for sale.
Longtime owners Nancy Burns and Scott Harrison have put the resort on the market, asking $9.95 million for a collection of buildings and land that includes 50 acres, some scenic Lake Superior shoreline, a ballroom, a covered bridge, restaurants, a main lodge and beds for 700.
The adjacent ski hill known as Lutsen Mountains is owned by a different company and is not part of the sale.
The resort is the latest in a string of classic Minnesota resorts to go up for sale in the past year. North Shore realtors said the sales were mostly a coincidence driven by retirements, but could also be a sign that low interest rates are making resort properties a strong investment.
"It's not just the resort industry. It's everywhere. Look at home prices in the Twin Cities," said broker Daniel Houle of Minnesota Resort Sales.
Still, he said, this year seems to be a "breakaway" year for resort sales.
Lutsen Resort, which claims to be the state's oldest, was founded by Charles Axel Nelson in 1885. He bought 160 acres of land at the mouth of the Poplar River for $12, according to company lore. The area was his preferred spot for commercial fishing. His first guests stayed a year later.