Even as the housing market improves and mortgage delinquency rates fall, foreclosure proceedings are underway on the sprawling Lake Minnetonka house of pianist Lorie Line and her husband, Tim. Documents filed with Hennepin County say the couple owe more than $2 million on the glitzy 9,100 square-foot Lake Minnetonka house, which was mortgaged for $2 million in 2005.
The news comes on the eve of preparations for Line’s annual holiday tour and that she was unavailable, but Tim Line said that the economy has taken its toll on the family finances, and that the couple plans to use proceeds from the holiday tour to satisfy the outstanding mortgage. "I'm not going to lie," said Tim. "We’re like a lot of small businesses and there aren't a lot of extra entertainment dollars out there...our business has changed dramatically in the last four years."
Citing the need to downsize because they’re empty-nesters, the couple recently put the house on the market for $4 million, which has an assessed value of just under $2.9 million. Property taxes alone are nearly $37,000. (Check out a recent story about the house).
The property is scheduled for sheriff’s auction later this year, but Tim is confident they'll be able to satisfy their debts by the time that happens. “We’re restructuring our business and our lifestyle within this new economy.”