Rosario Resort to be auctioned Sept. 30

Iconic Pacific Northwest properties rarely come on the market, but that is about to change in a very big way. Olympus Real Estate Partners announced last week that Rosario Resort and Marina, a legendary getaway on Orcas Island, will be offered at auction on Sept. 30, 2008.

“We are delighted to bring this remarkable property to public market,” said Laurie Cameron, Managing Director of Olympus, the current owner of Rosario. “This is a once in a lifetime chance to own one of the Pacific Northwest’s most historic properties. It’s a uniquely beautiful property in a magnificent setting with a lustrous and storied past.”

Olympus, a real estate development company, has long announced its plans to sell Rosario. A Resort Master Plan was approved by the County Council in 2007 to provide comprehensive guidance for redevelopment, said Cameron. “Considerable effort was made to fully entitle the parcels so that a new owner could enjoy maximum flexibility as they proceed through the permitting process.”

According to a press release issued by Olympus, Rosario will be offered at an absolute, no reserve auction and sold to the highest bidder regardless of price. The auction will be held at Rosario Resort on Orcas Island.

The property comprises approximately 74 acres featuring the Moran Mansion situated on Rosario Point, low elevation waterfront property surrounding Cascade Harbor and a marina. In addition, there is a 40-acre hilltop parcel as well as several acres of forested uplands surrounding the resort that offer stunning views of the natural, deep water harbor.

Sold to Olympus 10 years ago, the resort contains hotel amenities, including two waterside restaurants, a spa, indoor and outdoor pools, multiple event venues, retail shops and recreation facilities, including a marina which offers dockage, shore-side support, whale watching and other services. The resort is connected to Moran State Park through a series of forested trails.

The centerpiece of the resort, says Cameron, is the 25,000-sq. ft. Moran Mansion, completed in 1909 by the former Seattle mayor and famous shipwright. The mansion is an outstanding blend of the Arts and Crafts style and fascinating naval architecture. The historic mansion boasts extraordinary millwork, authentic Tiffany fixtures and the original 1913 Aeolian Pipe Organ and 1900 Steinway Grand Piano.

“Over the years of our ownership, we have tried to be worthy stewards of a truly great property while pursuing the rights for a new owner to execute a plan that secures the future of Rosario,” said Cameron. “We wanted to open the doors for a new owner to explore the many opportunities that the Rosario property offers.”

For more information about the upcoming Sept. 30 auction, please visit www.tranzon.com.

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