The mansion designed and once owned by Grammy Award-winning producer James "Jimmy Jam" Harris sold for $2.6 million at auction Thursday – much less than its assessed value, the Star Tribune reports.
Sale of the 22,000-square-foot Lake Minnetonka home won't be complete, however, until the bank that repossessed the property, JPMorgan Chase, approves it. Harris was not the current owner of the mansion, which went on the auction block after the property went into foreclosure.
The winning bidder at Thursday's live auction, which was held in the home's kitchen, was not disclosed.
The seven-bedroom, seven-bath home sits on 3.5 acres and 300 feet of Lake Minnetonka shoreline on Hardscrabble Circle in Minnetrista. The Star Tribune says several real estate agents and a handful of bidders speculated that the mansion could get torn down, but the Business Journal said the buyer was local and did not plan to raze it.
The Business Journal has a slideshow of the mansion.
The property's listing agent – Lakes Sotheby’s International Realty in Wayzata – said he received several cash offers for the property while it was on the market over the past four to five months, but the bank declined the offers and decided to put it on the auction block, according to the Star Tribune.
The opening bid for Thursday's auction was $1 million.
The paper says Harris bought the property for $420,000 in 1987 and construction was completed on the home in 1991. When Harris moved to Los Angeles, he listed the property for $11 million. He eventually sold it for $7 million to Christopher and Sandra Hintz in June 2007, public records say.