The owner of a lakefront resort in Upstate New York has sold the luxury property to relatives for $7.4 million.
Former Texas prosecutor Ken McGurk purchased the Lakefront Terrace Resort (formerly Tahoe Resort) on Lake George in 2018 for $3.4 million while working as a special assistant in the U.S. Attorney’s office in Dallas.
The Lakefront Terrace Resort is located half a mile from Lake George village at 2998 Lake Shore Drive and takes up 1.76 acres of lake-front real estate. In addition to its size, the resort features a 150-foot private sand beach, multiple outdoor terraces, a heated outdoor swimming pool with lounge chairs, and an on-lake trolly route.
McGurk listed the luxury resort for sale in September after operating the 73-room resort from 2018 to 2022 and sinking roughly $2 million into renovations.
Mitch Muroff of Massachusetts-based Muroff Hospitality Group brokered the $7.4 million sale of Lakefront Terrace Resort, which was purchased by Tahoe LG, a limited liability company (LLC) controlled by cousins — Michael Menter, Chris Menter, and Patrick Menter. The sale was finalized on December 14, 2022, according to documents filed with the Warren County clerk’s office and reported on by The Dallas Business Journal.
Glens Falls National Bank financed the sale of McGurk’s Lakefront Terrace Resort through a mortgage, according to documents filed with the county. Muroff Hospitality Group represented McGurk on the sale, while his real estate attorney Jon Lapper, oversaw the sale’s closing process.
Even though Lakefront Terrace received multiple tentative buy-out offers during its three-month listing period, the property ultimately stayed within the family, selling to McGurk’s trio of cousins, who each have an extensive hospitality-based business background.
However, before the sale was completed, Muroff was able to attract multiple top-dollar offers, despite ultimately selling to family.
“Business has increased dramatically over the past few years and put up some very strong numbers,” said Muroff.
In addition, “the commercial real estate market remains very strong. I have buyers from all over the country who are looking for the right opportunity,” Muroff claimed at the time.
The Menters were not immediately available for comment about the lakefront resort acquisition. Still, an extensive family history managing business in the sector comes as an encouraging sign that the resort will stay in good hands.