The property has been open for more than 60 years, and was sold by Keith Gornick, whose family had owned the property since 1955. Alan Gornick, a former general counsel for Ford Motor Co., had purchased the club. Paul Rogers, a vice president at Inland, says Gornick is holding on to some of the land for possible future sale.

The amenities include a 25-year-old, 18-hole golf course named "Classic," and a newer course called "Tribute" that was opened in 2001. Osprey plans on keeping the courses and the ski area going, and on spending a good amount of money to upgrade the property, Rogers tells GlobeSt.com. Osprey has already installed a heated paver walkway and remodeled the lobby of the club's main lodge. The property also includes lodging is offered in 117 rooms, suites and condominiums on the property, as well as three restaurants and a special events center.

"It was a good sale price for land in today's Michigan marketplace," Rogers says. "It's just not a good economy in the state, and the nearest major city, Traverse City, has hit the bricks."