Judge approves $5M sale of Petters’ Minnesota mansion; proceeds to compensate Ponzi victims

Minn. judge approves sale of Petters’ mansion

WAYZATA, Minn. — A judge has approved the sale of the Minnesota mansion that once belonged to convicted businessman Tom Petters.

Court documents say a couple identified as Brian and Carolyn Taylor offered $5 million for the home in the Twin Cities suburb of Wayzata.

The 9,400-square-foot mansion sits on 1.2 acres on Lake Minnetonka. It was initially listed for $8.2 million.

The 52-year-old Petters was convicted of running a Ponzi scheme that cost investors $3.7 billion. He was sentenced earlier this month to 50 years in prison.

A judge had to approve the sale as part of the overall court proceedings.

KSTP reports that proceeds from Friday’s house sale will be used to pay back victims of the Ponzi scheme.

Wayzata is about 13 miles west of Minneapolis.

Information from: KSTP-TV, www.kstp.com