Court administrators say Logan Love instead pleaded guilty Tuesday to armed robbery and kidnapping in the case.
In exchange for his guilty plea, prosecutors dropped two other charges: conspiracy to commit armed robbery and conspiracy to commit kidnapping.
Love was scheduled to go to trial Tuesday in connection to the June incident. Authorities say Love and three other men kidnapped 53-year-old Robert Lee Long from his Grand Rapids home, bound him using duct tape, assaulted him and drove him to ATMs, forcing him to withdraw money.
The four suspects then drove Long about 75 miles from Grand Rapids to Ithaca, where Long escaped nearly seven hours later and got assistance from a passing driver who called 911.
The men were later arrested in Grand Rapids.