Sawmill up for sale?

HURON TWP. — For some time, speculation has been rife the Sawmill Creek Resort was up for sale, but its owner said the resort remains in his control."Right now there's nothing going on, I own this place," Greg Hill said. "(That speculation has) been coming out for six months and I've been hearing it each day, but nothing has been done."Sawmill Creek Resort boasts a 240-room hotel, an 18-hole golf course, a convention center, shops, condominiums, restaurants and a marina.For nearly two years, various people said various potential buyers, including Cedar Fair, Cedar Point's parent company, were marching toward finalizing a deal to buy the property on Cleveland Road near Sheldon Marsh on Lake Erie. And each time Cedar Fair was named the top suitor, company officials denied it was buying the property. Now two reliable sources, both of whom requested anonymity, have said "it's a done deal."Sawmill Creek, including the marina, has been sold to an out-of-state resort company that outbid Cedar Fair. Creditors forced the deal, both sources said, and some investors could get as much as 65 cents on the dollar, which is more than some anticipated, when the paperwork is finalized.The property was over-levereraged, sources have said.But Hill was adamant when contacted Tuesday: Sawmill Creek is still under his ownership."It's not up for sale. Maybe I'll put it up for sale one day, but I'm not going to tell anybody if I decide to do that," Hill said.Sawmill historySawmill Creek Lodge opened Sept. 26, 1972, after a group of Cleveland-area investors spent $4.25 million dollars to build it. They bought the 235-acre tract of land years before with the expressed purpose to turn it into a year round attraction on Lake Erie.The resort's convention center made it a popular place for businesses and conventions. Through the years, it's attracted many important events including the Democratic Governors Caucus in 1973.Hill was one of the founders of the resort. In 1998, he formed a partnership and became the general partner of the property. Hill bought his partner out in 2009 and became the sole owner, according to the Cleveland Plain Dealer.But many of the original investors, or their children or grandchildren — and others who made investments in the property later — all continued to have financial interests in the property. Any sale likely will include payouts to those individuals who have stakes in Sawmill Creek. Reach reporter Michael Harrington at michaelharrington@sanduskyregister.com, follow the Register at Facebook.com/SanduskyRegisterSawmill Creek ResortSawmill Creek Resort