By: Nick Williams, Minneapolis/St. Paul Business Journal
Posted: May 9, 2017 – 5:52pm EDT
When it comes to residential real estate purchases in the Twin Cities, no one does it quite like the Pohlads.
Tom Pohlad has purchased a 1.35-acre estate on Minnetonka Beach for $7.2 million, according to a state certificate of real estate value. He’s the son of Pohlad Cos. President Bob Pohlad and grandson of the late Carl Pohlad, who founded the company.
The price is the largest residential real estate transaction of 2017, so far, and is $250,000 shy of tying last year’s richest home sale, a 5.2-acre estate in Wayzata that sold for $7.5 million.
Last year, Bob Pohlad bought a condo on the 10th floor of the Washburn Lofts building for $6.3 million, which set a record for being the most expensive condo in downtown Minneapolis.
Tom Pohlad paid cash for the property, which includes a 8,467-square-foot house, 160 feet of lakeshore real estate, an outdoor pool and an eight-car garage. The house, constructed with a brick and stone exterior, features five bedrooms and eight bathrooms, a study, exercise room, office and amusement room, according to a previous listing on Realtor.com. The listing shows the property was on the market for 297 days until payment for the home was submitted on April 19.
Payment was officially accepted earlier today.
In 2015, Forbes ranked the Pohlads as the 75th-wealthiest family in the U.S. with a net worth of $3.6 billion. They own the Minnesota Twins, Carousel Motor Group and real estate groups like United Properties.
John Wanninger of Lake Sotheby’s International Realty is listed as the selling agent. Coldwell Banker Burnet represented Pohlad on the deal.