Tom Petters' Wayzata Home Sells for $5 Million

What may be the best-known house on Lake Minnetonka has been sold. After more than 400 days on the market, 37 showings and one rejected offer, the 9,300-square-foot, 7-bedroom home in Wayzata MN once owned by convicted Ponzi scheme operator Tom Petters sold for $5 million. That is down from $8.25 million when it first went on the market in January of 2009.

Court-appointed receiver Doug Kelley, whose office oversaw the transaction, said he was "very happy" to close on the deal given the weak market for high-end homes.

"This is just the second home in the last two years to sell for $5 million or more in the Lake Minnetonka area," Kelley said.

The property sits on about 1 1/4 acres, has 250 feet of lakefront, a guest house, a 6-car garage and an empty wine cellar. See the Star Tribune article to see a photo of the home taken from the lake.

Petters was recently sentenced to 50 years in prison for his role in the $3.65 billion Ponzi scheme. The conviction and sentence are being appealed.