How a Lake Minnetonka mansion once listed at $53M is now on sale for $8M

The original Pillsbury estate has had trouble finding a buyer.
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The original Pillsbury estate has had trouble finding a buyer.

It's stunning, it's in one of the most desirable locations in Minnesota, it's steeped in history, and it can't find a buyer.

Of course, most people aren't carrying around the kind of cash needed to buy Southways, the Pillsbury family's original summer estate on the shores of Lake Minnetonka.

When the estate in Orono was listed for sale in 2008, the owners were looking for a whopping $53.5 million, according to Zillow

That was before the property crash, of course, and when it was re-listed in 2011 it was a much more manageable (lol) $24 million.

But it stayed on the market for 5 years, and now you can get your hands on the original mansion at 1400 Bracketts Point Road for as little as $7.9 million.

The estate is being split up

While the financial crisis presumably accounts for the drop from $53.5 million to $24 million, the reason for the subsequent drop to just under $8 million since 2016 is subdivision. 

With so many years without a sale, the owners decided to break up the sprawling 13 acre estate with 1,700 feet of lakeshore on the Bracketts Point peninsula into separate lots.

It's been split up into five lots, realtor Meredith Howell, of Coldwell Banker Burnet, told GoMN.

The centerpiece is the main house you can see above, which carries the aforementioned $7.9 million price tag and comes with 3.5 acres on the east side of the point.

A bordering, 2-acre lot that includes the pool is being sold separately for $4.8 million.

Meanwhile, a further three lots on the west side of Bracketts Point were also parceled out and put up for sale. All three have been sold.

The Tudor-style main house was built in 1918 and comprises a giant 32,641 square feet of floorspace.

That translates to 7 (presumably huge) bedrooms and an indoor pool. The house has been extensively restored since it was sold in the early '90s to current owner James Jundt, an Arizona-based investor.

"It's in perfect condition," Howell told GoMN.

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