Lake Vermilion Lot Auction | 31 Buildable Lots or Entire Development | 1,200 Feet of Shoreline | St. Louis County, MN | 30+/- Acres | #2990 Waters of Vermilion Auction

AUCTION LOCATION

LandProz.com

or

In-Person at

AuctionCast Studios

1800 Roscoe Avenue, Zumbrota MN

AUCTION DESCRIPTION

LandProz is pleased to present the Waters of Vermilion Auction in St. Louis County, MN. This 30 +/- Acres will be offered to the public to bid their price via AuctionCast at LandProz.com.

Discover an extraordinary opportunity to own, build, invest, or develop on beautiful Lake Vermilion in Northern Minnesota. This 30+ acre private community combines the sought-after Northwoods lake lifestyle with the convenience of a thoughtfully planned, shovel-ready development featuring more than 1,200 feet of shared Lake Vermilion shoreline. Every homesite offers water frontage or beautiful water views, creating an exceptional setting for a year-round residence, seasonal cabin, vacation rental, or investment property. All of the difficult development work has already been completed, with entitlements, infrastructure, roads, electricity, water, sewer, and internet available at the individual lot lines, allowing buyers to move forward with their plans without starting from scratch. Design and build your own high quality custom lake home or cabin, or explore 90-day modular home options that can significantly shorten the timeline from purchase to move-in. With maintenance-free living and an affordable HOA, owners can spend less time on property upkeep and more time enjoying everything Lake Vermilion has to offer. Relax, Play and Never, Ever mow the lawn!

The community has been designed around recreation and the outdoors, with outstanding shared amenities including a beautiful common area, owner’s clubhouse, beach and swimming area, inland ponds, walking and recreational trails, fire pit, and additional shared recreational features. Community and private docking options are available, providing convenient access to one of Minnesota’s premier lake destinations. The development may also offer an attractive mainland base for existing island or water-access-only property owners looking for convenient vehicle access, parking, utilities, and proximity to the lake. Short-term rentals are allowed, creating additional possibilities for buyers interested in vacation rentals, investment properties, or specialized hospitality concepts.

For builders, investors, and developers, the property presents a particularly unique opportunity. Buyers may purchase a single homesite, multiple lots, or pursue the entire development—including all 31 lots—through the auction’s convenient bidding format. With demand for residential housing throughout the region, the development offers the opportunity to bring additional homes to the market while taking advantage of infrastructure that is already substantially in place. The blank-slate nature of the property also creates possibilities for distinctive destination concepts such as custom vacation rentals, golf villas, fishing retreats, corporate and executive getaways, or other Northwoods lodging and recreational experiences. The property is located within an Opportunity Zone, adding another consideration for investors and developers evaluating the long-term potential of the offering.

Lake Vermilion is surrounded by an incredible variety of year-round recreation, abundant freshwater resources, fishing, boating, swimming, hiking, snowmobiling, hunting, and the natural beauty Northern Minnesota is known for. Golf enthusiasts can experience Minnesota’s renowned regional golf offerings, including The Wilderness at Fortune Bay on Lake Vermilion, The Legend at Giants Ridge, and The Quarry at Giants Ridge. Nearby attractions also include Fortune Bay Resort & Casino, while the communities of Tower, Cook, and Virginia provide convenient access to shopping, dining, services, and everyday necessities. It is about a 45-minute drive to Ely, MN where the Boundary Waters Canoe Area Wilderness is and in close proximity to several major regional paved trail systems for hiking, biking, cross-country skiing, ATV riding and snowmobiling. The Arrowhead State Trail, Taconite State Trail, Prospectors Loop ATV Trail, and the long-distance Mesabi Trail - a paved trail system connecting many local towns and venues. The Tower multi-use trail connects to the city of Tower as well. Local hiking trails include the Ancient Cedars Trail, Pine Ridges Trail, and the Howard Wagoner Cross Country Ski Trails. Located less than 30 minutes from the Giants Ridge Recreation area downhill skiing. Duluth is approximately 1.5 hours away, and the property is within roughly a 3.5-hour drive of the Twin Cities metropolitan area and Minneapolis–Saint Paul International Airport.

Whether you are an individual buyer searching for the perfect place to build your Lake Vermilion retreat, an investor seeking income-producing opportunities, a builder looking for multiple homesites, or a developer interested in acquiring an entire shovel-ready community, this auction offers remarkable flexibility. Buy one lot, purchase multiple adjoining or nearby homesites, or bid on the entire 31-lot development and its common elements. With infrastructure already established, exceptional shared amenities, Lake Vermilion access, and numerous possibilities for residential, recreational, and investment use, this is a rare opportunity to acquire property in one of Northern Minnesota’s most desirable recreational destinations. Bid your price with confidence and take advantage of a truly unique auction event designed for individual buyers, investors, builders, and developers alike.

Please contact LandProz Auction Manager Brian Haugen at 507-208-0791 or LandProz Agent Kelly Bolin at 651-380-2857 for more information regarding this property.

Lot 3

• 61.77 x 69.39 x 60.66 x 66.93
• 0.089 +/- acres
• Faces the main lake front
• South facing lot

Lot 4

• 57.51 x 80.61 x 59.01 x 69.39
• 0.097 +/- acres
• Faces the main lake front
• South facing lot

Lot 5

• 60.00 x 78.76 x 60.06 x 75.64
• 0.106 +/- acres
• Faces the main lake front
• South facing lot

Lot 10

• 53.32 x 91.90 x 57.48 x 88.88
• 0.113 +/- acres

Lot 11

• 60.43 x 88.88 x 57.07 x approx. 86.91
• 0.113 +/- acres

Lot 12

• 67.38 x approx. 86.91 x 56.94 x 83.06
• 0.119 +/- acres

Lot 13

• 70.88 x 83.06 x 56.70 x 100.15
• 0.14 +/- acres

Lot 15

• approx. 69.42 x 60.77 x 66.02 x 54.41
• 0.106 +/- acres

Lot 17

• 64.04 x 77.91 x 63.24 x 80.87
• 0.131 +/- acres

Lot 18

• 64.00 x 78.31 x 61.29 x 78.70
• 0.106 +/- acres
• South facing lot

Lot 19

• 75.00 x approx. 79.18 x 60.90 x 78.31
• 0.117 +/- acres
• South facing lot

Lot 20

• 73.67 x 86.85 x 61.64 x approx. 79.18
• 0.122 +/- acres
• South facing lot

Lot 21

• 67.17 x 98.05 x 65.93 x 86.85
• 0.136 +/- acres
• South facing lot

Lot 22

• 67.38 x 80.07 x 68.51 x 71.70
• 0.115 +/- acres
• South facing lot

Lot 23

• 66.01 x 94.21 x 70.80 x 80.07
• 0.132 +/- acres
• South facing lot

Lot 26

• 70.23 x 71.71 x 65.40 x approx. 60.29 / curved frontage
• 0.101 +/- acres

Lot 27

• 65.40 x 70.61 x 64.40 x approx. 63.05 / curved frontage
• 0.112

Lot 28

• 64.40 x 70.61 x 51.82 x approx. 53.05 / curved frontage
• 0.111 +/- acres

Lot 29

• 51.82 x 51.82 x 73.98 x approx. 74.02 / curved frontage
• 0.103 +/- acres

Lot 30

• 73.98 x 57.82 x 63.29 x approx. 74.01 / curved frontage
• 0.115 +/- acres

Lot 31

• 63.29 x 74.29 x 57.38 x approx. 66.20 / curved frontage
• 0.128 +/- acres

Lot 34

• 52.64 x 53.56 x 63.99 x approx. 84.77 chord; curved frontage
• 0.121 +/- acres

Lot 35

• 63.99 x 33.17 x 51.87 x 63.21 x approx. 57.16
• 0.112 +/- acres

Lot 36

• 62.22 x 34.18 x 53.32 x 57.63 x 69.00
• 0.117 +/- acres
• South facing over Crystal Pond

Lot 37

• 66.59 x 69.00 x 66.29 x 63.66
• 0.115 +/- acres
• South facing over Crystal Pond

Lot 38

• 66.59 x 63.66 x approx. 66 curved frontage x 63.66
• 0.105 +/- acres
• South facing over Crystal Pond

Lot 41

• 88.50 x 63.21 x 28.68 x 99.39 x 84.89
• 0.17 +/- acres
• Sits high atop Osprey Pass with views towards Pike Bay
• Secluded among beautiful pines
• Walking path to the top of the private beach on Crystal Pond

Lot 42

• 99.39 x 45.21 x 36.77 x 90.04 x 74.70
• 0.159 +/- acres
• Sits high atop Osprey Pass with views towards Pike Bay
• Secluded among beautiful pines
• Walking path to the top of the private beach on Crystal Pond

Lot 43

• 73.72 x 95.47 x 78.12 x 90.04
• 0.158 +/- acres
• Sits high atop Osprey Pass with views towards Pike Bay
• Secluded among beautiful pines
• Walking path to the top of the private beach on Crystal Pond

Lot 44

• 70.40 x 90.87 x 77.01 x 95.47
• 0.156 +/- acres
• Sits high atop Osprey Pass with views towards Pike Bay
• Secluded among beautiful pines
• Walking path to the top of the private beach on Crystal Pond

Lot 45

• 64.39 x 77.64 x 70.07 x 90.87
• 0.132 +/- acres
• Sits high atop Osprey Pass with views towards Pike Bay
• Secluded among beautiful pines
• Walking path to the top of the private beach on Crystal Pond

TERMS

METHOD OF SALE

The property will be offered by virtual live online auction through LandProz AuctionCast, including individual platted lots and the entire development, subject to the announced auction format and bidding procedures. All bids shall be stated in whole United States dollars (USD) as a lump-sum bid for the selected lot, group of lots if permitted, or entire development, and NOT as a price per acre. The winning bid, plus the buyer’s premium stated below, shall constitute the total purchase price. No adjustment in the purchase price shall be made based on acreage. The seller reserves the right to accept or reject any and all bids and to establish, modify, or lift any reserve at the seller’s sole discretion, subject to any binding sale confirmation. Seller and auction company may deny registration or bidding privileges to any person whose identity, credentials, financial qualifications, or ability to contract is unsatisfactory.

BUYER’S PREMIUM

A two percent (2%) buyer’s premium will be added to the final accepted high bid on each lot or other accepted offering. The resulting sum (accepted bid + 2% buyer’s premium) is the total purchase price to be stated in the purchase agreement and used to calculate earnest money and the balance due at closing.

PLATTED LOTS; LOT SIZE AND SHAPE

Individual building lots are legally platted lots within the Waters of Vermilion development. Seller represents that the lot boundaries, dimensions, and configurations conveyed will be those established in the applicable recorded subdivision plat and the corresponding legal description. The recorded plat controls in the event of any discrepancy with approximate acreage, illustrations, marketing graphics, or other promotional materials. No acreage-based recalculation of the purchase price will occur. This representation does not constitute a separate warranty of buildability, soil condition, suitability for any particular improvement, or governmental approval of a buyer’s proposed use.

AGENCY

LandProz Real Estate LLC and its agents represent the seller in this transaction.

TAXES AND ASSESSMENTS

Real estate taxes payable in 2026 will be prorated to the date of closing, unless otherwise provided in the executed purchase agreement. Special assessments, association charges, and other prorations or allocations will be addressed in the purchase agreement and closing statement.

CONDITIONS; DUE DILIGENCE; AS-IS SALE

The property is sold subject to all recorded and applicable easements, restrictions, covenants, declarations, homeowner association documents, rights of access, utility agreements, leases, and matters disclosed in the title commitment and applicable public records. Each bidder is responsible, at the bidder’s own expense and risk, for independent investigation of title, survey/plat records, utilities and connection charges, road and dock access, association fees and obligations, zoning, short-term rental rules, permits, construction requirements, and suitability for intended use. Except for the express representation concerning the recorded plat above and any express warranties in the executed purchase agreement, the property is conveyed AS IS, WHERE IS, WITH ALL FAULTS, without warranties or representations, express or implied, by the seller, LandProz, or their agents.

COMMON ELEMENTS; HOMEOWNER ASSOCIATION

Any rights to use the lake access, docks, clubhouse, beach, ponds, roads, trails, utilities, and other shared facilities shall be governed by the recorded plat, deeds, declarations, easements, homeowner association documents, and other applicable instruments. Ownership of an individual lot does not imply exclusive ownership of or unrestricted rights to any common element. 1 lot equals 1/45th ownership in the common elements and if purchasing the entire development of the remaining 31 lots that equals a 31/45 interest on the common elements. See the HOA and CIC documents. Buyers shall verify applicable membership requirements, assessments, maintenance responsibilities, usage rules, and any limitations. Purchase of the entire development includes only those lots, common elements,and other property interests expressly identified in the purchase agreement and conveyance instruments.

CONTRACTS AND TITLE

Immediately following the auction and seller’s acceptance/confirmation, each successful bidder must execute the seller-approved real estate purchase agreement and timely deliver the required earnest money. Seller will furnish an updated abstract or owner’s title insurance policy and convey marketable title subject to permitted exceptions, at seller’s expense as provided in the purchase agreement. The sale is not contingent upon buyer financing, appraisal, or other buyer contingencies unless expressly stated in the signed purchase agreement.

EARNEST MONEY; PAYMENT

The buyer shall deposit earnest money equal to ten percent (10%) of the total purchase price, including the buyer’s premium. Earnest money is due on the day of the auction or, if authorized by LandProz, received within three (3) business days at LandProz Real Estate Trust, 111 East Clark Street, Albert Lea, MN 56007. Earnest money shall be held in the listing brokerage trust/escrow account and credited toward the purchase price at closing. Earnest money is non-refundable in the event of buyer default, subject to applicable law and the remedies and contingencies, if any, in the executed purchase agreement. The remaining balance is due at closing in immediately available funds.

CLOSING AND POSSESSION

Closing date: TO BE DETERMINED ahead of time by buyer and seller or sellers auction manager and added in the purchase agreement after successful bidding, no later than January 31, 2027 unless otherwise agreed upon by buyer and seller subject to satisfactory title and applicable contractual provisions. Possession will be delivered at closing, subject to permitted exceptions, recorded rights, and the terms of the purchase agreement. Time is of the essence as provided in the purchase agreement.

BIDDER REGISTRATION; FINANCIAL QUALIFICATIONS

Only approved bidders may participate. Prior to bidding approval, the auction manager or auction company may require satisfactory proof of funds or a lender letter establishing the bidder’s ability to close. Financing arrangements are the buyer’s sole responsibility; no financing contingency applies.

SELLER FINANCING AVAILABLE!

Take advantage of a great opportunity to own a lake lot at Waters of Vermilion with flexible Seller financing options! Qualified buyers may purchase with as little as 20% down, a competitive fixed interest rate, low monthly payments and seller financing available for up to five years. Additional financing costs and terms apply. Contact LandProz Real Estate Auction Manager Brian Haugen for complete financing details and conditions.

AUCTION ANNOUNCEMENTS; INFORMATION

Any announcement made by the auctioneer on the day of auction takes precedence over prior advertising or marketing materials, but does not override the terms of an executed purchase agreement or the controlling recorded plat. Information furnished by LandProz and seller is believed reliable but is not guaranteed, except for express representations stated in these terms or the purchase agreement. All bidding is subject to the auction platform rules and final seller confirmation.