Checkbooks open for luxury living on Lake Minnetonka
By: Hank Long Hank Long November 24, 2015 4:05 pm
Two luxury homes on Lake Minnetonka’s northeastern shoreline sold for significant amounts this month.
The closings come as the year-to-date sales activity for homes in the $1 million-and-up range in the Twin Cities market has reached record highs, according to a monthly report from the Minneapolis Area Association of Realtors.
Maple Plain-based Proto Labs founder Lawrence J. Lukis paid $5 million in cash for a 7,117-square-foot home at 320 Ferndale Road S. in Wayzata, according to a certificate of real estate value that became public Monday. The sale of the five-bedroom, five-bath home closed Nov. 12.
Bob Lothenbach, CEO of Shakopee-based Imagine! Print Solutions, paid nearly $9.4 million for a 6.9-acre site including a 4,170-square-foot lakeshore home at 2770 Gale Road in Woodland and adjacent land.
Lothenbach paid $8.1 million in cash for the home and an adjacent parcel on Nov. 6, according to a certificate of real estate value made public last week. He also purchased another parcel connected to the residential lot for $1.3 million, a Coldwell Banker Burnet representative said Tuesday.
Lothenbach, an Eden Prairie resident, said he purchased the property as a potential investment development opportunity that could include future construction of up to two or three homes on the site.
The property, in a neighborhood residents refer to as Maple Woods, includes a guest home, gazebo and boathouse along 655 feet of shoreline between Robinson and Wayzata bays, the Coldwell Banker Burnet representative said.
Coldwell Banker Burnet’s Meredith Howell, who was unavailable for comment Tuesday, represented the sellers, Joanne and Benton J. Case. The three parcels have a combined estimated market value of $7.4 million, according to Hennepin County property records.
The four-bedroom, four-bathroom home was built in 1950 and had belonged to the Case family for generations, said real estate agent Debbie McNally ofLake Sotheby’s International Realty, who specializes in Lake Minnetonka area real estate.
The online listing for the property referred to the site as one of the Lake Minnetonka’s “remaining historic estates.”
In the Wayzata deal, the seller is Bahram Yusefzadeh, chairman of Florida-based V2R Group Inc. He purchased the property in 1999 for $1.7 million and built the home in 2002 before moving his primary residence to Florida, according to Hennepin County property tax records. The estimated market value for the property is $3.6 million.
The 1.5-acre shoreline property is listed as a seasonal, recreation non-homestead, but was built as a primary residential homestead, said McNally. It was listed for $5.8 million on May 15.
The sale comes after Lukis’ $3.95 million purchase of the neighboring property at 346 Ferndale Road in August 2014, according to Hennepin County property sale records. The site included a single-family home, which Lukis recently razed, according to McNally. The home was built in the 1950s and the previous owner had occasionally used the property for lake access, she added.
Lukis was not immediately available for comment Tuesday.
The closing prices for 320 Ferndale Road and 2770 Gale Road reflect a strong upper-end home sales market in the Twin Cities, McNally said.
“The Ferndale and Maple Woods neighborhoods have commanded the very highest prices in the state, so it comes as no surprise that strong prices would show up in those two locations,” she said.