The $7 million house that Grammy Award-winning music producer, Jimmy Jam Harris, built on Lake Minnetonka was sold for $2.6 million to a anonymous couple during a live auction at the 22,000 square-foot house on Thursday afternoon. The winning bid, which is pending approval by the owner of the house, JP Morgan/Chase, is close to what real estate agents say the land alone is worth.

Those buyers were among 11 registered bidders, including some who believe the house will be torn down. The auction took place in front of a kitchen island overlooking Lake Minnetonka, and was over in just a couple minutes before attention shifted to a very shiny creme-colored Rolls Royce that was stuck in the driveway, requiring the assistance of listing agent, Scott Stabeck.

Christopher and Sandra Hintz bought the property from Harris on June 26 2007 for $7 million, but stopped making payments and the house went into foreclosure.

I'm working on a more complete story for the Friday paper, stay tuned.

- Jim Buchta

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No sale at $3.8M: Jimmy Jam's home headed to auction