Tom Petters was forced to forfeit his Lake Minnetonka home to the government earlier this year. The 7 bedroom, 9300 square feet home has been on the market for about 15 months. It originally was listed at $8.25 million, but more recently dropped to $6.2 million. The property is located on 1.23 acres, has 250 feet of lake shore, a 6 car garage and a guest house. The buyers, who paid a recorded $5 million for the property, were identified only by Brian and Carolyn Taylor in court documents. According to the listing agent the home had 37 showings and 1 rejected offer.
Although the home is difficult to see from the roadside, it was a popular destination for Lake Minnetonka charter boat operators that would point out the home when cruising their customers. The lakeside view is quite impressive with multiple decks and balconies. The property has a modern feel to it with creme trim and gray wood siding. Despite the economy, Lake Minnetonka Real Estate is still selling as this is the 2nd home to sell for more than $5 million in the last 2 years.
Petters was recently convicted of a $3.65 billion Ponzi scheme along with his co-defendants. Despite maintaining his innocence and claiming he knew nothing of the fraud, he was sentenced to 50 years in prison.
Tags: Lake Minnetonka Homes for Sale, Lake Minnetonka Minnesota, Lake Minnetonka Real Estate Market Update, tom petters
This is certainly a very nice home, but to be the centerpoint of the Lake Minnetonka charter boat routes would get old quickly (from the new buyers’ perspective). There are several standout homes on the shores up here in White Bear Lake MN and Mehtomedi MN that draw boaters’ attention, but hopefully not because of Ponzi schemes! =) Thanks for the article.