Wasn't there a housing bubble that burst a few years back? Apparently luxury homes weren't affected much by the recession.
Either way, the Twin Cities Real Estate blog is pretty high on the high-end market, noting that while there aren't a lot of "uber-wealthy" Minnesotans, "there is still a lot of money around here."
And how. The blog reports that there are 160 homes in the Twin Cities listed on MLS for $2 million or more. And a particular Orono house with an interesting history is on the market for $24 million.
It appears you read that right, as 1400 Brackett's Point is listed for that price on several sites. It inclues seven bedrooms, 13 baths, 12 garage stalls, some 32,000 square feet and about 13 acres on Lake Minnetonka. For that, you get an estimated monthly mortgage in the neighborhood of $94,000.
(This site has some fancy piano music set to a slideshow of what it calls "Southways Estate.")
The blog also lists some other top-price homes, including a $9.25 million jobber in Inver Grove Heights, and two in Wayzata going for $8.9 million and $7.2 million, respectively.
But the Brackett's Point house is well known, a 1918 mansion that was part of what was sometimes referred to as "Pillsbury Point" on Lake Minnetonka, due to a number of homes owned by the family there. John S. Pillsbury Jr. was the first occupant of the Gatsby-like house.
In 1991, according to this 2008 piece by Star Tribune columnist Barbara Flanagan, Pillsbury's widow Eleanor died and the family sold the house to Jim Jundt, a low-key investor who had at least one other home on Lake Minnetonka, and his wife Joann.
In 2006, the house and the Jundts hosted a fundraiser for Michele Bachmann that starred George W. Bush. Then, Hennepin County listed the property value as $11 million.
According to the Flanagan memo from 2008, the Jundts put majestic place on the market in 2008 for $53 million, while planning to move to Arizona.
Current Hennepin County records show the Jundts are still listed as the owners, even with a Scottsdale address. As for market value, the county puts the house at $16.75 million.