In Minneapolis or Manhattan, a 7,400-square-foot penthouse condo easily commands seven, eight, sometimes nine figures. But the owners of a palatial three-bedroom, five-bathroom pad in Mendota Heights are asking a measly $295,000. Heck, it's less than the price others paid for smaller units in the same building on Eagle Ridge Drive.

What gives?

Maybe it has something to do with the monthly homeowner's association dues of $3,205.

Still, considering the features of the property, "it's a steal of a deal," said real estate agent Henry Edelstein. "When you look at the size of the rooms, and the space, it's just so grand."

The penthouse formerly belonged to Clayton Rein, a real estate developer, art collector and philanthropist who shaped the housing industry in Minnesota. When he built the property in 1989, he combined three units to create a place where he could relax and entertain friends.

Rein, who built his eponymous C.G. Rein Co. into a thriving concern, was a friend of Hubert Humphrey and a host of civic, business and cultural A-listers in the Twin Cities. His place looks soiree-ready, from the grand entryway with vaulted ceiling and lit alcoves to the spacious great room with walls begging for artwork.

Spacecrafting Great room, condo in Mendota Heights.

Rein also mixed well with artists, owning galleries that, in turn, rented art to corporations.

"If you are an art collector, there's lots of opportunity to display your art," Edelstein said.

Rein died in 2015. His wife, Virginia, died last year.

The owners' suite has three walk-in closets. And the whole place is chock-full of amenities, including a wet bar, fireplace, exercise room and office. Additionally, the condo comes with five garage spaces, plus an outdoor pool.

"When he developed the property in 1989, Mr. Rein put the finest of the finest in it at the time," Edelstein said. "There are updates that could be done, but it's ready for someone who wants amazing one-level living. With a lot of furniture and imagination, someone can have an amazing place."

Henry Edelstein, henry@teamedelstein.com or 651-270-1667, has the listing.

Rohan Preston • 612-673-4390

@rohanpreston