The house unofficially known as the "Jimmy Jam house" is headed to the auction block.
The Star Tribune reports the 22,000-plus square-foot house went into foreclosure (Jam was NOT the previous owner). The 7-bedroom 7-bath home sits on 3.5 acres and 300 feet of Lake Minnetonka shoreline on Hardscrabble Circle.
Scott Stabeck of the Stabeck Group at Lakes Sotheby's Realty in Wayzata said there were nearly 40 showings and two serious, but unsuccessful offers during those four months, according to the Star Tribune.
JP Morgan/Chase has hired Hudson & Marshall to work with Stabeck to host an onsite auction on Feb. 6, according to VitaMn. Two open houses have been scheduled for the home on Feb. 1-2.
The home was built in 1991 and Jam sold it for $7 million in 2007.
VitaMN says the home is listed at $3.8 million and has an estimated market value of $6.4 million.
"People are intrigued by the house, and it will obviously be a deal," said Stabeck. "The land is worth $3 million alone, so it will basically be a free house."
Amongst other things, the house also has a 12-car garage and a sprawling home theater.
Here is a slideshow of the home.