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Rosario Resort and Marina on Orcas Island Will be Auctioned Off to the Highest Bidder,
Regardless of Price, by Owner Olympus Real Estate Partners
By Dave Gallagher, The Bellingham Herald, Wash.McClatchy-Tribune Regional News

Aug. 21, 2008 -If you've ever wanted your own iconic Pacific Northwest resort, your opportunity will arrive next month. A sizable cashier's check is recommended, however.

On Sept. 30, the Rosario Resort and Marina on Orcas Island will be auctioned off to the highest bidder, regardless of price, by owner Olympus Real Estate Partners. As befits the "iconic resort" status, it has plenty to offer, including approximately 74 acres of property, the resort, spa, a couple of waterfront restaurants, the Moran Mansion and a 34-slip marina. The auction is scheduled to be held at the resort.

Since the auction was announced last week, the resort's information packet has been downloaded about 80 times, said broker Bill Vipond of Cross-Dock Development Corp. He said many are people merely curious about the property, but some also are serious bidders who have already signed up.

It'll take a bit of cash to have a shot at this property. Bidders are screened in advanced for qualifications and must submit a cashier's check of $250,000 as earnest money, then be prepared to put 5 percent down on the spot if they have the high bid. They then will have 10 minutes to sign a contract, with the deal closing within 30 days.

Vipond refused to speculate on the anticipated selling price for the resort. Media reports have said Olympus purchased the property in 1998 for between $7 million and $8 million.

Vipond said the owners decided to auction the resort because they are ready to sell now. The property had previously been for sale and drew some interested parties, but no deal was made.

Putting a unique property up for auction is becoming more popular in the current real estate climate, he said.

"I personally love auctions; the market gets to speak and set the value of property," Vipond said.

Tranzon Asset Strategies is handling the auction. For more information, visit www.tranzon.com.

Reach Dave Gallagher at 715-2269 or dave.gallagher@bellinghamherald.com.

Reach DAVE GALLAGHER at dave.gallagher@bellinghamherald.com or call 715-2269.

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Copyright (c) 2008, The Bellingham Herald, Wash.

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