One of the most expensive residential properties ever listed in Minnesota real estate is on the auction block.
Southways, the former Pillsbury estate, located on the shores of Lake Minnetonka is up for sale in a sealed bid auction through Chicago-based, Sheldon Good & Company . Prospective buyers could get a good deal on the property considering its asking price was $53.5 million when it went on the market in 2007.
Why such so much?
The home sits on 13 acres of prime real estate on the shores of Lake Minnetonka in Orono. The Brackets Point property has 1,700 feet of lake shore. The estate comes with a 40,0000 square foot main house, in ground swimming pool, tennis complex, smoke room, tea house and a caretaker’s cottage.
If those weren’t enough selling points, consider the historical significance of the property. It was built by John S. and Eleanor (Juty) Pillsbury, son and daughter-in-law of Charles Pillsbury co-founder of the Pillsbury company.
The home has hosted numerous VIP events in its 91-year history. One recent party was the 2006 Republican fundraiser for then congressional candidate Michelle Bachmann with President Bush in attendance.
The current owner is former hedge manger and former co-owner of the Vikings, James Jundt.
“The house has its own label. It’s a great location and it comes from a famous family,” said Rick Goodwin publisher of Unique Homes magazine.
But Goodwin questioned the original asking price. He looked at other luxury real estate listings in the area and noted the price was 3 times more the next top listing.
If the estate had sold for the $53.5 million price, it would have given the owner bragging rights and would have ranked near the nation's top 30 recent residential real estate transactions.
“At that price point you are looking at houses in top of the line locations like Bellaire, the Hampton’s, and Palm Beach,” said Goodwin.
He suspects the owner has put the home on the auction block, not only to find a buyer but also to determine what prospective buyers are willing to pay for it. At the end of the bidding period (December 9th), Jundt has the choice to either accept or refuse any of the bids.
“I think it’s fascinating and you have to wonder what the highest bid will be," said Goodwin.
