MINNEAPOLIS (WCCO) — Irwin and Alexandra Jacobs were found dead Wednesday in their Orono home. The Hennepin County medical examiner has confirmed the well-known Minnesota entrepreneur and his wife died in a murder-suicide.

Alexandra Jacobs & Irwin Jacobs (credit: Minnetonka Center for the Arts)

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Officials say Alexandra’s death was ruled a homicide, and Irwin’s manner of death was suicide. Both died of multiple gunshot wounds.

Irwin Jacobs, 77, was known for buying failing companies and turning them around for a profit.

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A talented painter and sculptor, 77-year-old Alexandra Jacobs was not only a generous donor to the Minnetonka Center for the Arts but a familiar face. A workspace in the Center’s stone carving area is still marked with her name.

It’s not only a loss for the Art Center but the Special Olympics, too. Irwin served as the chairman of the World Summer Games when it was hosted in Minnesota in 1991.

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The Jacobs family released a statement Wednesday night saying they are shocked, devastated and heartbroken by the loss of their parents.