Denny Hecker’s Lake Minnetonka Area Home Sells for $3.5M
Built in 1988 this 17,251 square foot home sits on 5.35 acres. The address is 1492 Hunter Drive and is located in the Lake Minnetonka area, but is actually on Mooney Lake. The property was originally valued at $6.6 million just several years ago. It has six bedrooms, eight bathrooms, 11 garage stalls, both indoor and outdoor pools, tennis and basketball courts, a home theater and a golf-simulator room. The property is perfectly manicured and professionally maintained with lush green grass and mature trees.
A Senior Vice President of Investments for Merrill Lynch & Co, Peter Eckerline, bought the property at the end of January. He paid $3.52 million and plans to do some upgrades to the property. Eckerline topped the Winner’s Circle/Business Journal’s list of Twin Cities wealth advisers in 2008, when his team managed approximately $1.5 billion in total assets.
The home was taken back in foreclosure from Hecker by Wayzata based TCF Financial Corp, which held the mortgage. Hecker lived in the property from 2003 to 2009. In Hecker’s bankruptcy filing, he listed $18 million in assets and $767 million on debts. He is facing lawsuits from multiple sources and even an on-going federal fraud investigation.
Larger, multi-million dollar properties are increasingly ending up in foreclosure as their residents feel the effects of the economic downturn. This misfortune for others is creating amazing opportunities for buyers looking at Lake Minnetonka Homes for Sale. If you are interested in buying lake shore real estate right now, prices are still dropping and there are some fantastic deals out there. Give us a call.
I am a licensed Realtor in the State of Minnesota. This website is not a multiple listing service, but each Minnesota & Minneapolis real estate agent is a member of the Regional MLS of MN, inc., a provider of the Minnesota MLS.
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