Posted: 7:30 am Wed, August 22, 2012
By Chris?Newmarker
Tags: Brentwood Estate, Debbie McNally, Debbie McNally Group, Dennis Libby, Lakes Sotheby?s International Realty, RE/MAX Results, Reed Becker, Roger Rosengren, Southways, Tom McLeod, Wambecke Family Builders, Widseth Smith Nolting
Tom and Barbara McLeod created an 11,000-square-foot, four-home family vacation palace on Big Chippewa Lake, a two-hour drive northwest of Minneapolis-St. Paul. (Submitted photo: J.P. King Auction Co.)
Auction begins Thursday for 30-acre estate in Garfield
Ever dream of owning a sprawling 30-acre Greater Minnesota estate with four luxury homes, a lakefront beach, an indoor pool, a 15-seat movie theater, a tennis court, a hiking trail ? and even a malt shop?
Thursday could be your lucky day if you have millions of dollars to spare. That?s when the Brentwood Estate on Big Chippewa Lake in Garfield ? a two-hour drive northwest of the Twin Cities ? goes up for auction.
Owner Tom McLeod, a former executive at Eagan-based West Publishing who cofounded Bloomington-based venture capital firm StarTec Investments, and his wife, Barbara, bought the land and turned it into a retreat for their children and grandkids over the past 20 years.
Designed by Alexandria-based architect Reed Becker of Widseth Smith Nolting, the four homes altogether total 11,000 square feet and have 17 bedrooms. Roger Rosengren built two of the homes and Wambecke Family Builders built the other two.
The McLeods used to charter a bus to bring the grandchildren in for a week during the summer for ?Grandma B?s Cousins? Camp,? and delighted in watching kids reel in large bass and northern pike right from the dock. But now some of the grandkids are married and others are in high school and college.
?There is no time for Brentwood. So, the family got together and said it?s time to let someone else enjoy what we have for so many years,? the McLeods said in a statement provided by Caley King Newberry, spokeswoman for J.P. King Auction Co., which is handling the auction. The McLeods will continue to live at their condo in St. Paul.
The property, at 11902 County Road 12 NW in Garfield, has been listed for a few years, with Zillow.com showing previous asking prices of $14.9 million and $13.9 million.
?When people like the McLeods build their dream properties, it?s hard to find comparables to establish what the asking price should be,? Newberry said. ?There aren?t exactly four-estate, 30-acre waterfront properties ? and oh yeah, it has a malt shop, too ? on every corner to use as a price base. ?? When it?s hard to establish what the value of a property is, an auction lets the bidders speak and establish that price themselves.?
Dennis Libby of RE/MAX Results in Wayzata, who represented a buyer in the $2 million purchase of an Orono home earlier this year, thinks auctions of high-end homes are becoming more common in Minnesota. Auctions can give sellers the upper hand, he said.
?Sellers can get a mentality of, ?I don?t want to lose,? ? Libby said.
Debbie McNally, of the Debbie McNally Group of Lakes Sotheby?s International Realty in Wayzata, has the opposite view about auctions. She said auctions are rare when it comes to the multimillion-dollar homes around Lake Minnetonka and Minneapolis? Linden Hills neighborhood, where she operates.
McNally suspects that auctions are unattractive for sellers because they bring in ?bottom-feeder? buyers.
?Typically, I feel an auction is not in a seller?s best interest because a good agent can network and find the right buyer,? McNally said.
Both Libby and McNally think the market for high-end homes has shown some recovery in recent months. Libby has heard from Greater Minnesota colleagues who talk of more retiring baby boomers and well-off Canadians looking for lake homes ?up north.?
Libby said there are ?quite a few? lakefront compounds around places such as Cross Lake and Alexandria, but many aren?t noticed because they?re inherited and never go on the market.
?Some of them are quite ?compoundish.? They?re very gated. Some are accessed only by power boat. Some have underground garages,? Libby said.
Some lakefront estates are decades-old. Right in the Minneapolis-St. Paul metro, on Lake Minnetonka, there is the 32,461-square-foot Southways, the summer estate of the Pillsbury family for decades. Once priced at $54 million, it is now listed for less than half the price, at $24 million, after an auction failed to produce a desired bid.
Brentwood Estate Auction
Thursday, Aug. 23
11 a.m.
11902 County Road 12 NW in Garfield
brentwoodlakeproperty.com
See below for a slide show of submitted photos of the property:
Source: http://finance-commerce.com/2012/08/for-sale-lavish-lakeside-compound-in-garfield/
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