The auctioneer, Sheldon Good & Co. of Chicago, says the property's open zoning property offers potential for a host of residential or resort usages. The seller's private reserve price is $11.4 million, or $25,338 per acre. Bids are due by 4 p.m. today, Nov. 15 at Sheldon Good's Chicago office.

With regard to development potential, Alan Kravitz of Sheldon Good tells GlobeSt.com the property's 150,000 gallons per day of sewage and water capacity. That is enough for 1,800 residential units at a minimum plus a hotel, condominium and a ski operation.Due to the property's elevation, Kravitz says it would provide longer seasons and longer ski runs than most of the competition. Additionally, Kravitz says a buyer could donate certain portions of the property that would not affect its development to gain some significant immediate tax benefits.

Kravtiz says the seller decided to reveal his private reserve price recently after rumors began circulating that the seller was seeking upward of $45 million for the property. The reserve is the price at which he has said he will sell the property. If no bids reach that height, he may still sell, says Kravitz, but it's not a sure thing.