Beacon Pointe in Duluth Files For Bankruptcy

By KBJR News 1

January 5, 2011 Updated Jan 5, 2011 at 10:35 AM CDT

A high end condominium complex on the shores of Lake Superior has filed for bankruptcy.

Beacon Pointe Hospitality LLC filed for chapter seven bankruptcy protection on December 23rd.

In May, of last year Republic Bank took control of the condo complex after its owners defaulted on their mortgage.

According to our partners at the Duluth News Tribune, the Beacon Pointe Developers still owed nearly $10 million on the original $14 million mortgage.

Beacon Pointe owners will be meeting with their creditors on January 27th.