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Historic Bledsoe's Beach Auction - Waterfront, Golf Course and Campground - 29 Tracts

On Beautiful Lake James and Jimmerson Lake, Angola, Indiana

Owner: Bledsoe's Inc. & The Estate of Joan E. Bledsoe Thu, Aug 11, 2011 EASTERN

AUCTION IS OVER

• Lakefront Home • Lakefront Lots • Commercial & Investment Properties • Golf Course • Development Land • 11 Water Front Lots • 12 Tracts Sell Absolute • More than 3,500 Feet of Waterfront Property • A Once in a Lifetime Opportunity to Buy at Auction!

OPEN HOUSE/INSPECTION DATES

Thursday, July 14th 6-8 PM at the buildings on Tract 19
Sunday, July 17th from 1-3 PM at the home on Tract 1
Tuesday, July 26th from 2-4 PM at the buildings on Tract 19
Meet a Schrader Representative for additional information.

PROPERTY LOCATION

Located along the Lake James and Jimmerson Lake channel, fronting on Bay View Road, Jimmerson Lake Road, CR 300 W, and Havens Road. From I-69 Exit 150, turn north on CR 200 W and travel 2 miles. CR 200 W becomes Bay View Road. Continue on Bay View Road 1 mile to the intersection of Bay View Road and CR 300 W and the Auction Tracts.

AUCTION LOCATION

At the Potawatomi Inn at Pokagon State Park. Take I-69 north of Fort Wayne to exit 154. Turn left off the exit ramp onto 127 and turn left at stop light onto 727. Continue Straight, as this is the road into Pokagon State Park and Potawatomi Inn. Auction to be held in the Lake James Ball Room.

Traveling in for the auction? The auction location's inn includes 137 beautiful rooms and suites. Call for more information at 877-LODGES-1, or visit the website: http://www.in.gov/dnr/parklake/inns/potawatomi/

PROPERTY DESCRIPTION

Piece of history ready for auction: wane.com

PRINTABLE TRACT MAP
Click to download .pdf file.

ONLINE BIDDING AVAILABLE.
Click to download online registration form.

AUCTIONEER'S NOTE: The Tom's Donuts and Coney Connection business and building on this property is not owned by Bledsoe's Inc. and is not offered for sale. The real estate the improvements rest on is owned by Bledsoe's Inc. and will be auctioned subject to the in-place lease through the Spring of 2012. The Corner Landing Bait and Tackle business is not owned by Bledsoe's Inc. and is not offered for sale. However, the building and real estate is owned by Bledsoe's Inc. and will be auctioned subject to the in-place lease through the Spring of 2012. For the terms of the lease and more information, please contact the Auction Company.

HISTORY
Bledsoe's Beach at Lake James' history began in 1919 with Charles and brother Roy Bledsoe's purchase of land on which they constructed a dancehall near the water's edge. Additional land was purchased from the Weldons and Milekens, growing Bledsoe's Beach into a fun-filled location for all ages over the next 92 years. In 1953 the RV park was built and in 1962 the basketball facilities were added. The basketball camp ran for the next 25 years.

Over the years the property included a free swimming beach, the "Beachcomber" cocktail lounge, a snack bar, the nine-hole Lakeview Golf Course (also built in 1962), miniature golf course, arcade, and a selection of different shops. The success of Bledsoe's dance hall drew top-billed music groups from the start and kept the dance floor and beach crowded seven days a week during the summer season. Radio station WOWO's live sock-hop broadcasts from Bledsoe's were tuned in from states away. A fire in 1980 claimed the hotel and adjacent buildings. In 1981 banquet and reception facilities were added but the lakefront is yet to be redeveloped.

LAKE JAMES
Lake James is a gem as one of Steuben County's many lakes. At 1,340+/- acres, the lake offers public access to waters teaming with Bass, Bluegill, Northern Pike and Perch. The lake is home to Pokagon State Park, offering year round activities including horseback rides and the winter toboggan run. Great skiing and water sports on Lake James with unrestricted hours.

CHAIN OF LAKES
Lake James is part of a 5-lake chain encompassing nearly 2,000 acres. Jimmerson Lake is a channel ride west of Lake James and offers its own 200+/- acre basin for swimming, skiing and fishing year round. Snow lake, at 310+/- acres, lies to the north of Lake James and provides access beyond to 103+/- acres of water in Big and Little Otter Lakes.

LOCAL AREA/STEUBEN COUNTY
With 101 lakes and three navigable creeks and rivers, there are water activities for everyone in Steuben County. High speed boating is allowed on both Lake James and Jimmerson Lake, as well as several other nearby lakes. Fishermen are quick to praise area waters. The area includes several nature preserves and many interesting parks and monuments.

POKAGON STATE PARK
Across Lake James, Pokagon State Park - referred to as Indiana's most beautiful State Park - draws more than 750,000 people annually. Its 1,203 acres of picnic and hiking areas, camping facilities and the renovated Potawatomi Inn promise fun in Steuben County. Traveling at speeds of 40 miles per hour, winter fun includes a unique toboggan run of about 25 seconds down the track. If you enjoy cross-country skiing the area is full of trails for all skill levels.

AREA MAP

TRACT MAP(S)

PLAT MAP(S)

AREA MAP(S)

PROCEDURE: The property will be offered in 29 individual tracts and any combination of tracts within groups. All property advertised as ABSOLUTE will sell regardless of price; all property advertised with RESERVE PRICE will sell subject to Court Approval. All successful bidders will be required to enter into purchase agreements at the auction site immediately following the close of the auction. DOWN PAYMENT: 10% of the accepted bid price as down payment on the day of auction with the balance in cash at closing. YOUR BIDDING IS NOT CONDITIONAL UPON FINANCING, SO BE SURE YOU HAVE ARRANGED FINANCING, IF NEEDED, AND ARE CAPABLE OF PAYING CASH AT CLOSING.

BUYERS PREMIUM: A 3% Buyers Premium will be added to the final bid price and included in the total contract purchase price. BROKER PARTICIPATION: A 2% fee will be paid upon closing to any licensed broker or agent whose prospect pays for and closes on the property. Broker must register their prospects in writing with Schrader Real Estate and Auction Company, 950 North Liberty Drive, Columbia City, IN 46725. Registrations should be sent on company stationary and must be postmarked at least seven (7) days before the auction. Letters must be signed by both broker and prospect. No commission will be paid on any property to brokers participating in purchase of property and an affidavit may be required stating that the broker is acting solely as broker and not as a purchaser. A broker will not be recognized for prospects who have previously contacted the Schrader Auction Company or its agents or representatives and there can be no exceptions to this procedure. Absolutely no oral registrations will be accepted.

APPROVAL OF BID PRICES: All successful bidders will be required to enter into purchase agreements at the auction site immediately following the close of the auction.

DEED: Seller shall provide Warranty Deed(s).

EVIDENCE OF TITLE: The Seller shall provide an Owners Policy of Title Insurance in the amount of the purchase price.

CLOSING: The closing shall take place 30 days after the auction day, or as soon thereafter as applicable closing documents are completed by Seller. All closing costs shall be split 50:50 between Buyer(s) and Seller.

POSSESSION: Possession is at closing, subject to the existing leases on Tracts 5, 8, 9, 28 & 29. Contact the Auction Company for more information.

REAL ESTATE TAXES: Real estate taxes shall be prorated to the date of closing. All back taxes, if any, will be paid by the seller at closing.

ACREAGE AND TRACTS: Some acreages are approximate and have been estimated based on current legal descriptions, previous survey work, and/or aerial photos. Any corrections, additions, or deletions will be made known prior to the auction.

SURVEY: The Buyer(s) and Seller shall split 50:50 the expense of any survey for any tract where there is no existing legal description. Most tracts in this auction will not require any survey work. Any need for a new survey shall be determined solely by the Seller. The purchase price of all surveyed tracts of greater than 10 acres shall be adjusted at closing based on surveyed acres compared to estimated acres day of sale. PROPERTY INSPECTION: Each potential Bidder is responsible for conducting, at their own risk, their own independent inspections, investigations, inquiries and due diligence concerning the property. Inspection dates have been scheduled to help in your investigation of the property and will be staffed with auction personnel.

AGENCY: Schrader Real Estate & Auction Company, Inc. and its representatives are exclusive agents of the Seller.

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase Agreement. The property is being sold on an AS IS, WHERE IS basis, and no warranty or representation, either expressed or implied, concerning the property is made by the Seller or the Auction Company. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. All decisions of the Auctioneer are final.

ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.

STOCK PHOTOGRAPHY: Some pictures are for illustrative purposes only.

Historical Photos: Some historical photos have been used.

NEW DATA, CORRECTIONS AND CHANGES: Please arrive prior to scheduled auction time to inspect any changes, corrections or additions to the property information.