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Okoboji lakefront property sells at auction for $6.66 million

SPIRIT LAKE, IA – One of the last substantial waterfront properties on Iowa’s East Lake Okoboji sold for $6,666,600 in a rapid-fire auction that saw bids triple in just 15 minutes.
 
Fishing equipment entrepreneur Tom Bedell emerged as the high bidder for the 49 acres, which included 2,020 feet of waterfront on the popular lake. The land, owned by one family for more than 43 years, had never been offered for sale before the auction.
 
“Mr. Bedell said he wanted the land for sentimental reasons, so he outbid the developers who were also seeking the property,” said Craig King, president of J.P. King Auction Company, which managed the sale.
 
The land is located adjacent Elinor Bedell State Park, which was donated to the state by Tom Bedell’s father, Berkley Bedell, and named after his mother.
 
Bidding opened at just over $2 million and quickly shot up to the final sales price.
 
Bedell is chairman of the board of Spirit Lake-based Pure Fishing, whose brands of fishing tackle include Berkley, Stren, Spiderwire, Abu Garcia, Mitchell, Fenwick and SevenStrand.

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