Exclusive: One bidder for Geauga Lake property has withdrawn; another signs contract

CLEVELAND -- Colliers Ostendorf Morris Senior Vice President & Managing Director Cliff West confirmed Monday that one of the four bidders for the former Geauga Lake amusement park property up for sale just recently has withdrawn its bid.

West said the remaining three bidders each submitted bids on different and separate pieces of property within the park.

"All three are being negotiated with separately for three different pieces of the park," West said. West said the three different pieces make up the entire 551 acres up for sale.

West said the three pieces are: 100 acres on the west end of the park in Bainbridge; the now-closed 150-room Geauga Lake Hotel on an 11-acre parcel; and 440 acres that lies between the 100 acres and the hotel parcel.

West confirmed that one of the three remaining bidders has a signed contract with Colliers to purchase the piece it bid upon but West declined to say which piece and what the bidder's name was.

West added that Colliers representatives are meeting this week with the other two bidders and "it is progressing rapidly ... there should be something to say in the next few weeks."

West said Monday that one of the bidders withdrew its bid on one of the parcels "based upon some information it received about a roller coaster on that parcel that had been sold to someone else" at the June 17 Norton Auctioneers ride and equipment auction at the park.

West confirmed that the roller coaster mentioned was The Big Dipper and that "it was sold to an out-of-state bidder."

West confirmed that The Big Dipper is located on the 440-acre parcel.

On June 17, The Big Dipper, built in 1925, was sold for $5,000 to an undisclosed buyer represented at the auction by Akron-based Apex Machinery's Tom Woosnam.

Since then, Apex has offered The Big Dipper to anyone who wants to buy it, with stipulations. On July 10, the American Coaster Enthusiasts organization declined to buy The Big Dipper, according to a statement on its Web site.

Colliers's Cleveland office is handling the sale of the 550-acre amusement park property for the owner, Sandusky-based Cedar Fair Entertainment.

Cedar Fair closed the amusement park Sept. 21 due to declining attendance and put the acreage up for sale for re-development.

Colliers received four bids for the property by the May 23 deadline.

Geauga Lake Wildwater Kingson, the 100-acre waterpark in Aurora adjacent to the closed amusement park, opened for the summer May 24. Cedar Fair also owns the waterpark.