Pheasant Run online auction open until Wednesday
An online auction for the Pheasant Run Resort in St. Charles opened Monday, with the starting bid set at $2 million.
The 18.3-acre property at 4051 E. Main St. has been marketed for sale since November, shortly after resort management announced plans to restructure operations and lay off 75% of its staff. The 42 remaining employees were notified last month their jobs also are in jeopardy.
Facilitated through the Ten-X Commercial real estate website, the auction will be conducted in a live bid format with a $25,000 participation deposit and a bid increment of $500,000. The auction will remain open until Wednesday afternoon.
Potential buyers were required to conduct their due diligence and register ahead of time to be approved to make offers. Sellers can review all activity and interest in their property.
Ahead of the auction, the seller typically sets a reserve price establishing the minimum that would be accepted. As of Monday afternoon, Pheasant Run's undisclosed reserve price had not been met, according to the Ten-X Commercial website.
The resort is listed as an "extraordinary lodging investment opportunity" with the potential for redevelopment and rebranding opportunities.
Pheasant Run has 293 hotel rooms and suites, seven restaurants and 31,930 square feet of banquet and meeting space. It also operates a comedy club, theater, indoor/outdoor pool and an 18-hole golf course that it leases from the DuPage Airport.