Though it's been years since NBA superstar Kevin Garnett played for the Timberwolves, he just scored a major off-the-court distinction in the Twin Cities: The biggest real estate deal in the region this year.
Kevin Garnett's lakeside estate fetches $9M, biggest home sale of year in Twin Cities
The seven-acre property includes a 12,000-square-foot house built in 1999.
October 28, 2022 at 3:50PM
On Wednesday, Garnett sold his lakeside estate in Orono for $9 million, making it the biggest residential sale of 2022 through the Regional Multiple Listing Service.
The more than seven-acre property on a private peninsula on Lake Minnetonka includes a house of more than 12,000 square feet that was built in 1999.
Listing agent Mimi Bendickson of Compass Realty had no comment about the buyer or seller but said the property is a one-of-a-kind. The glassy, contemporary-style house has four bedrooms, five full bathrooms, a six-car garage and is "ready for an extensive renovation," according to the property listing.
"It's one of the most phenomenal peninsula parcels on Lake Minnetonka," Bendickson said. "It has sunset views and it's private; it's all about the land."
She and co-lister, Brian Benson, sold the house before it hit the open market. Hennepin County tax records do not yet show the name of the buyer.
Garnett paid $6.45 million for the property in 2006, according to property records. The property has 1,300 feet of shoreline along Maxwell Bay and Stubbs Bay, and a lakeside guest house.
For tax purposes, the property is classified as non-residential/seasonal, which means it wasn't considered Garnett's primary residence. Annual property taxes for this year were nearly $80,000.
The sale comes at a time when home sales in the Twin Cities are contracting as rising mortgage rates erode affordability. But upper-bracket properties are still selling well.
Through September, there was a more than 10% increase in sales of houses priced at more than $1 million in the Twin Cities, according to Minneapolis Area Realtors. One of those was a downtown Minneapolis penthouse condo that sold less than three weeks after hitting the market for the full asking price of $6.9 million.
"We still have low supply, especially on Lake Minnetonka," Bendickson said. "There's still high demand."
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