Historic Ruttger's Bay Lake Resort sold ... again

The 125-year-old Ruttger's Bay Lake Resort in Deerwood has a new owner for the second time in three years.

Details: The latest buyer is Blackburn Investment Management, which also owns Odyssey Resorts. Odyssey has a large portfolio on the North Shore.

• In 2020, the Ruttger family that founded the resort sold it to a group led by Navigation Real Estate.

Why it matters: The new owners plan to push forward with a development plan that could add even more lodging to the property, which has around 150 rooms, cabins, townhomes and villas.

What happened: Navigation developed eight $1 million+ lake homes, and overhauled the 9-hole golf course, clearing the way for the construction of even more cottages.

What's ahead: The long-term lodging plans would turn Ruttger's into one of the biggest resorts in Minnesota, said Frank Jermusek, who brokered the sale.

• "Our opinion was to get a really robust resort group with very professional management like Odyssey and see if they can take it to the next phase," Jermusek said.