The property has a rich Michigan history, according to Kravets. The resort was originally opened in 1939 by Detroit steel magnate Don McLouth as a place where he and his friends could ski. The Otsego Ski Club grew to become a favorite getaway for generations of prominent Midwesterners, Kravets adds.

But when McLouth died in 1955, the club was deeply indebted to his estate and on the verge of dissolving. The late Alan Gornick, father of current owner Keith Gornick, bought and revived the club and resort. He commissioned famed golf course architect William H. Diddel to design and build the first Otsego Club course, now known as The Classic. Alan Gornick also added a swimming pool and additional lodging facilities, turning the resort into a year-round destination, Kravets notes.

The property includes the resort, the ski club, several lodges, three championship golf courses and sites for 1,200 housing units. The year-round public resort is also home to the private, non-equity-membership Otsego Ski Club.

A planned unit development includes permission to build 1,200 units, Kravets says. City sewer and water have been approved and are available, he adds.

"We expect the property will be of interest to real estate developers across the country, especially those familiar with northern Michigan," he says.

The Otsego Ski Club has 22 slopes as well as numerous cross-country ski trails.Three championship golf courses are included in the sale—The Classic, The Lake, and the new, 18-hole Tribute.

The property includes the 25,000-sf Main Lodge, two restaurants, two bars and a conference/special events center. A separate building called the Logmark has a cocktail lounge. There are also five other lodges.