Costner to sell $14M in property - Black Hills Pioneer: Local News

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Costner to sell $14M in property

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Posted: Thursday, July 11, 2013 11:30 am

DEADWOOD — Actor Kevin Costner listed virtually all of his land holdings — save Tatanka and the Midnight Star.

Mike Percevich, co-owner and broker with the Real Estate Center of Lead-Deadwood is the listing agent, and said Costner’s decision to put nearly 1,000 acres  on the market was a difficult one to make.

“He has a strong sense of loyalty to the area and it was a hard decision for him,” Percevich said. “It is probably one of those unprecedented offerings, a once-in-a-lifetime opportunity. A lot of people put a lot of time and money into this and it would be tough to duplicate again.”

The offerings include three listings for three separate pieces of property.

The commercial piece is located adjacent to Tatanka, with a listing price of $7.4 million. It consists of 86 acres of commercially zoned land in the original historic district of Deadwood, thus, gaming is allowed, with infrastructure in place.  

A second listing, located just outside of Deadwood near the slag pile and above the waste water treatment plant, encompasses 160.53 acres, with a listing price of $1.2 million.

The third parcel is located along Highway 85 north of Deadwood, beginning at Tantanka and runs further down the road toward Spearfish. It encompasses 735 acres, with a listing price of more than $5.4 million. This parcel is presently in the process of being annexed into the Deadwood city limits.

“The ground has been prepared for a resort, which was to be called the Dunbar,” Percevich said. “Everything’s done up there. They were just getting ready to start setting the foundation and it stopped.”

He explained that the leveling, parking lots, water, sewer, and storm drains, were all in when they put the brakes on.

“The kind of money and time that has gone into this is unprecedented. It’s a shame for them, but a definite benefit for the next guy,” Percevich said.

It has been 20 years since the Dunbar plans were the buzz in the Northern Hills. When Costner and his brother Dan proposed the construction of a 320-room, $100 million destination resort in Deadwood in 1993, the project included passenger train service from the Rapid City airport to the front door of the resort, as well as a golf course, housing development and the Dunbar resort itself. Several million dollars were sunk into infrastructure and other costs in going down that track, before the project was systematically derailed.

“They put far more into it than what they’re asking,” Percevich said.

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Welcome to the discussion.


  • sdnana posted at 8:50 pm on Tue, Dec 17, 2013.

    sdnana Posts: 17

    I agree

  • Miner posted at 5:00 pm on Thu, Jul 11, 2013.

    Miner Posts: 94

    Actually the tax payers put more into it than Costner is asking. After $16 million in corporate welfare, Gov Janklow finally said enough is enough and put a stop to further freebies. The Dunbar has been nothing but an embarrassment since its inception. Let the record show as much.