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Jimmy Jam’s Former Lake Mtka. Home On Auction Block

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(credit: CBS) Reg Chapman
Reg Chapman joined WCCO-TV in May of 2009. He came to WCCO fr...
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MINNETONKA, Minn. (WCCO) – The view of Lake Minnetonka from the house that Jimmy Jam built is breathtaking.

This 22,000-square-foot property sits on 3.5 acres, complete with 300 feet of Lake Minnetonka shoreline.

WCCO was the first to show viewers inside the home before it went up for sale last summer.

Scott Stabeck of the Stabeck Group at Lakes Sotheby’s Realty in Wayzata is the listing agent.

“After roughly four months being on the market, the bank has decided to put the property into auction,” Stabeck said.

Stabeck says when it first went up on the market, people flocked to get a look at the house that was a playground for stars like Janet Jackson, Kevin Garnett and Prince.

“We’ve had roughly 40 showings in a couple of months,” he said. “At this point, we’ve had people from all over the world look at it, from Costa Rica, Europe, Asia. But mostly local people.”

Stabeck says the property alone, without the house, is worth $3 million. He says it’s like getting the house for free, if you are the highest bidder.

“I certainly wouldn’t hope that … someone is going to buy it and redo it and keep the structure. Financially, I don’t think it makes since yet for it to be considered a teardown and get developed,” Staback said. “It does need quite a bit of work.”

You’ve got to have big dollars to bid on this house.

“The seller will have the chance to review the highest offer, consider it, and at that point it will be subject to proof of funds from the buyer – cash-only offers,” he said.

With seven bedrooms and 11 bathrooms, it’s a house fit for royalty, and it’s waiting for its next owner to make it all their own.

The market value of the house is $6.4 million.

The seller will hold an open house the first weekend in February. The auction will be held on the property on Feb. 6 at noon.

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