Preservation
Both schools had maintained the building's structure, and it was in reasonably good shape when MacDonald purchased it. In 1987, the property was declared a National Historic Landmark, but Marlin spent nothing to preserve the building while it was in bankruptcy. Visitors continued to tour the structure until 1989, when it was declared unsafe, and closed. During the winter of 1991, ice built up on the roof and in drainpipes, leading to the partial collapse of an exterior wall. In 1992, the National Trust for Historic Preservation listed the hotel as one of America's most endangered places. That same year, the Historic Landmarks Foundation of Indiana (HLFI) matched an anonymous $70,000 donation, which paid for work to stabilize the main structure. Tie rods were installed, the roof was patched, drainage was improved on roof parapets, and the structure around the partially collapsed wall was secured. HLFI also composed promotional documents to help find a buyer, and promoted the creation of a local zoning and redevelopment commission.
Minnesota Investment Partners (MIP) purchased the property in May 1994 for $500,000 from the bankruptcy receiver. Grand Casinos, Inc., an MIP investor, had provided the funding and held an option on the hotel, but was unsuccessful in their 1995 effort to pass "Boat on a Moat" legislation extending riverboat gambling to a proposed man-made lake adjacent to the hotel. When Grand Casinos walked away from their option, MIP tried to sell the property for $800,000, but a year passed with no interest. In July 1996, MIP accepted a purchase offer of $250,000 from HLFI West Baden, Inc., a new affiliate of Historic Landmarks Foundation of Indiana. The money was again provided by an anonymous donor.
Bill Cook, a billionaire entrepreneur and his wife, Gayle, from Bloomington, Indiana, have been involved with several historic preservation projects. In the summer of 1996, their Cook Group, Inc. initiated activities to stabilize structural integrity and begin exterior restoration, which would attract potential buyers. The 30-month first phase of the project was completed in early 1999 at a cost of $30 million—2½ times their initial commitment. However, in addition to the exteriors of the hotel and outbuildings, the garden was recreated, and the interior atrium, lobby, dining room and adjoining rooms were also completely restored.
Over the next five years, the Cook Group spent another $5 million for maintenance.
Read more about this topic: West Baden Springs Hotel
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