Tip-of-Trail property auctioned by county
Being the only bidder at an auction is a pretty nice situation to be in. Michael Drilling didn’t have too much to worry about at the county’s auction of the approximately 4½-acre Tip-of-the-Trail property on Saganaga Lake on June 24, 2013, because he was the only bidder.
One other person identified himself as a potential bidder but could not bid because he did not have the required bid bond or equivalent of 5 percent of the appraised value.
The property was a tax-forfeited parcel.
Drilling won with the minimum bid of $350,000, the appraised value of the property. Cook County Assessor Betty Schultz said the appraiser didn’t really have any good comparables to base the appraisal on. The assessed value is $537,400 -- $294,500 for the two buildings and $242,900 for the land. The parcel is zoned lakeshore residential.
Drilling told the Cook County News-Herald after the auction that he would be living on the property. He is the outfitting manager at Voyageur Canoe Outfitters and said he has been coming to Cook County for many years. He said the house has not been lived in for 15 years.
The county recently filled in three septic systems that had been condemned, so Drilling will have to have an acceptable form of septic treatment before he can live on the property.