A $5.9 million fixer-upper -- and a mystery solved!
- Blog Post by: Jim Buchta
- May 4, 2011 - 7:20 PM
UPDATE. Nice job, sleuths, mystery solved. Earlier today I posted an item about a listing on Lake Minnetonka that's unlived in, unfinished and is surrounded by weeds. The house belongs to a corporation tied to Minneapolis-based commercial property owner/developer, Jeff Wirth, who is probably best known for doing a major redo of the Grand Hotel Minneapolis (the former Minneapolis Athletic Club) and for developing the Radisson Hotel and Waterpark of America at the Mall of America. The Grand Hotel went back to the lender in 2010 and has since been sold to another entity.
Word from several sources familiar with the house say that construction was abruptly halted a few years ago and contactors were asked to leave the premises immediately. The original building permit was issued in June 2003, but what led to the work stoppage isn't clear.
Another mystery could be in the works: The property is in the tiny town of Greenwood, where a city council agenda item data January 18, says a new ordinance that requires completion of a home's exterior must happen within 180 days of issuance of the permit. For this house, compliance must be achieved by July 17. It's unclear what will happen if the owner doesn't comply, calls to the city attorney weren't returned.
More about the house: it's on a private island connected to the main land by bridge in St. Alban's Bay with almost 1,200 feet of shoreline. The house has nearly 19,000 square feet and there's a 15-car subterranean garage. It's unfinished, is corporate-owned and is being sold as-is.
The house is listed by Nick Leyendecker of Coldwell Banker Burnet (there are lots more pictures on his website), who said that the house has been on the market for 326 days. He said that the property has received significant interest - at least one inquiry a month, but no accepted offers.
Public records list the house as being owned by the "Isle of Windemere LLC," with a taxpayer address that's the same as the Grand Hotel in Minneapolis, where Wirth's company was located. Of two records attached to this property, one shows a sale in June 2003 for $2.325 million. The other has market value of $969,000, but no recent sales.
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