Grand Harbor Resort sold at auction

The Grand Harbor Resort and Waterpark was up for auction Wednesday morning, at a starting price of $7.5 million.  It was purchased for $7.5 million and one dollar by Riddle’s Group, a Rapid City, S.D.-based company that primarily operates as a jewelry corporation. The auction happened because Platinum Holdings LLC. foreclosed on a mortgage. Riddle’s Group CEO Brett Riddle told the Telegraph Herald his company’s management will be much more stable and hopes operations at the property will continue normally during the ownership transition. Riddle also told the Telegraph Herald he has a franchise interested in the hotel and his goal is to completely renovate the property, including all its rooms and water features, over the next one or two years in preparation for a grand reopening.