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Two Minnesota Ultra-High-End Homes Discussed by ForbesPosted by Barker and Hedges - Re/Max Results on Thursday, July 8th, 2010 at 6:55pm.
Some spectacular Minnesota homes were recently mentioned by Forbes. The topic of discussion? Ultra-high-end homes on the market for tens of millions of dollars in unexpected locations. What are they doing there?
The first Minnesota home mentioned is a $10 million gated compound called the Brentwood that has all the amenities a high-caliber home should: a three-tiered screening room, a billiards hall with a wet bar, master bathroom with a fireside Jacuzzi and 10-spigot shower, guest homes, a lushly wooded lot, tennis court, and, like all the best Minnesota homes, a boat dock. Sounds like a Lake Minnetonka home, right? Wrong. It is located about 2 hours away from the Twin Cities in Big Chippewa Lake, Minnesota.
In many parts of the U.S., even the most expensive homes cost less than $10 million. Our listings are full of multi-million dollar homes that don't add up to that price-tag. Most of them are located in the Twin Cities. However, some extremely rich families choose to settle in places that have sentimental value to them instead of living in the most obvious luxury neighborhoods. This results in extravagant homes that stand out not only from the landscape, but from other homes on their real estate markets.
It doesn't have to be a high-end mansion in the middle of Minnesota's sticks, there is at least one outsized home up for sale right here in the Twin cities. As stated before, there are many multi-million dollar homes listed on our site. But you will not find a listing for the $53 million, 13-acre Southwest estate on Lake Minnetonka in Orono, Minnesota. It was designed in 1916-1918 by Harrie T. Lindberg and was used by the Pillsbury family until the early 1990s. The estate includes seven structures including a caretaker's cottage/greenhouse, garage, pool complex, smoke room and tea house.
It went onto the market in 2007. When it didn't sell for two years, it was put up for auction in December of 2009. There was even talk of carving the land up into 5 pieces. However, it does not appear that the home sold because it was also mentioned by Forbes in the article as still being available on the real estate market.
What would their prices be in a high market, like that in the peak of the real estate market in 2004? The cost of sentimentality is not cheap. Owners are slashing the sales prices on ultra-high-end homes, making those gilded manors with horse stables and guest houses more affordable to buyers than ever. While the rich might be able to score multimillion-dollar dream homes at a steep markdown, they should be ready to stay for a long time because those houses are not likely to appreciate in value for a long-time into the future.
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