$24 Million Luxury Lakeshore Property in Unlikely Metro Area
Where is this seven-bedroom palatial home that was built in 1918? If you're thinking it's in the Hamptons or somewhere else on the East Coast because of it's age, think again. And no, it's not on the West Coast either. If it were, it might be a steal at the list price of $24 million and a mere $235,000 and change in annual property taxes. Instead, this elegant home sits on the shores of Lake Minnetonka, only a few miles from downtown Minneapolis, where it has lingered on the market for years -- this time around.
Originally listed for $53.5 million in 2007, "Southways," at 1400 Bracketts Point Drive, has been on and off the market as its owners, Jim and Joanne Jundt, first tried to sell it just as the real estate market was tanking. But now that home sales are improving, maybe this retired, former co-owner of the Minnesota Vikings and his wife will have better luck unloading the estate where he once threw a campaign fundraiser for Michelle Bachman, with a guest list that included George W. Bush.
"I wish I could tell you who would buy Bracketts Point," local Realtor Wade Hanson, a former Apprentice, told AOL Real Estate. "Although it is a once-in-a-lifetime and unique opportunity to own one of the finest pieces of lakeshore not only on Lake Minnetonka but in Minnesota. It's tough to say if the buyer will be someone from out of town or local. I believe a local resident will appreciate the property more."
One might think one area to appreciate in this historic estate once belonging to the Pillsbury family is the kitchen. Although magnificent, it's the exercise room in the lower level that would give even the Doughboy a reason to stop giggling and hop a treadmill.
This home gym, appropriately referred to as a "soothing retreat," according to a 32-page, full-color marketing brochure given to AOL Real Estate by listing agent Meredith Howell of Coldwell Banker Burnet, is vertically linked to the master suite by stair and elevator. The focal point of the 37x20 foot room is the Italian glass tile mosaic mural depicting the Greek god Poseidon, adorning the spa side of the space. Tile colors are yellow and various shades of blue to represent the sun, water and sky.
"I believe extreme luxury will continue to make a comeback over the next several years," adds Hanson, acknowledging that the luxury home market is heating up again. In fact, another former Pillsbury mansion in Minneapolis closed in December 2013 after a couple of years on the market, listing broker Mark Hulsey told AOL Real Estate. That 23,000 square foot structure originally went on the market for $2.9 million in 2011, and sold for $1.2 million after a bidding war when the price dropped.
Take a look at the slideshow. If you have some extra cash in the ball park of $24 million, and a reason to do business in Minnesota, or make it your summer home, you just might want to consider buying this other Pillsbury estate. Why not just make an offer rather than waiting for another price drop.
Follow Sheree on Twitter: https://twitter.com/shereecurry