For sale: Home of Tom Petters

Categories: Tom Petters
Thumbnail image for pettersmugshot.jpg
Anyone on the market for a $7.8 million home? We didn't think so. But if you are, you can possibly bask in the Ponzi glory of local businessman Tom Petters.

He's enjoying his luxurious jail cell right now as he awaits trial in a more than $3 billion Ponzi scheme against investors.

He was arrested in October and has a September trial date. You won't believe the details on the home this man was living in.

The home details: The home sits on 1.2 acres and measures about 9,348 square feet. There are seven bedrooms, nine bathrooms, and features 250 feets of Lake Minnetonka shoreline. Other amenities include a lakeside pool, a wine room, five fireplaces, and a six-car garage. Oh and how could we forget the guesthouse, billiard room, screened porch, exercise room and "media areas". Not too shabby.

The home is on the market through Coldwell Banker Burnet.

More from the Pioneer Press:
In October, a federal judge froze the assets of Petters, several of his co-defendants and his companies and appointed a receiver. Since then, the receiver has recommended, and the court has approved, the sale of several of those assets, including commercial and residential properties, jewelry, upscale cars and boats.

Selling the Wayzata residence is part of efforts to provide restitution to Ponzi scheme victims, said Doug Kelley, the court-appointed receiver.

The listing address, 655 Bushaway Road, matches the address on a search warrant that investigators executed in September 2008, for Petters' residence, according to court records.


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