Expensive homes on Lake Minnetonka — and why everyone talks about the $50 million house
What’s for sale now · what actually closed · clubs around the lake · what changed this month
People see a $50 million listing and assume that’s what lake homes sell for. It isn’t. A list price is what someone hopes to get. A sold price is what actually happened. I keep those two apart on this page. If you want to talk through a bay or a house, call when you’re ready.
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List price vs sold
The highest list price on the lake is not the same as the highest recent sale.
The $50 million house everyone talks about is still for sale. The biggest sale I can point to closed on October 1, 2026: $18.25 million for 20670 Linwood Road in Deephaven. That’s the highest Lake Minnetonka home sale I can find in public MLS records, and it’s still a long way from $50 million. Those are different things. A list price is marketing. A closing is what actually happened. This page is Lake Minnetonka shoreline only.
Listed now
Lake Point Estate
$50,000,000 list price
2770 Gale Rd · Woodland / Wayzata · still on the market
Listed by Engel & Völkers — not a Geoffrey Serdar listing
Press describes the sellers as estate / trustees · taxes about $320k a year on the listing See it on Compass →
Recently sold
20670 Linwood Rd · Deephaven
$18,250,000 sold
Closed October 1, 2026 · MLS #6769887 · it had been listed at $22 million
Listed by Jeffrey J. Dewing, Coldwell Banker Realty; the buyer worked with RE/MAX Results. Not a Geoffrey Serdar sale.
The listing doesn’t say which bay it’s on, so I’m not guessing. I’m citing it so you have a real number — not as a pitch. See it on Compass →
Other sales worth knowing
$13.5 million sold — Maxwell Bay / Orono, July 24, 2023 · Business Journals. The biggest close I could point to before Linwood. $8.8 million sold — Lafayette Bay / Minnetonka Beach, February 14, 2025 · Business Journals $10.03 million sold — Wayzata Bay / 555 Bushaway Rd, June 2018 · Finance & Commerce $10 million sold — Wayzata Bay / 405 Bushaway Rd, December 15, 2023 About $17–17.5 million in fall 2006 — press often cites this as a Minnesota record. Contemporaneous Finance & Commerce describes a large land purchase for the Locust Hills development on the Grays Bay / Bushaway corridor — not the same thing as today’s single-home sales.
The $50–55 million number is a list price, not a sale. Press describes the sellers of Lake Point Estate as the estate / trustees of the late businessman Bob (Robert) Lothenbach. We don’t invent who lives there.
By bay
Every bay has its own high-water mark — and some sit well under $5 million.
Tap a sort below. Sold is the highest sale I can document in public reporting for that water — recent first, plus the 2006 press record where it belongs. This is not a full county-record sweep of every sale ever. If we don’t have a clear public leader yet, I’ll say so. Listed is what’s for sale now (or under contract). When a house is still listed, I credit the listing agent.
Showing bays by the highest documented sold price first. Bays without a public sale yet sink to the bottom.
Wayzata Bay
Wayzata
Listed now
$26.5 million · 372 Ferndale Rd S · Jeffrey Dewing, Coldwell Banker Realty (not Geoffrey) · the second-highest list price on the lake right now · Compass listing. Also on this bay: $16.45 million at 358 Ferndale Rd S · Elizabeth P. Vogt, Coldwell Banker Realty · Compass listing. And 2670 Woolsey Ln, listed at $6.95 million with Coldwell Banker Realty, is now pending, so it hasn’t closed yet.
Highest sold we can document
$10.03 million · 555 Bushaway Rd · June 2018 · Finance & Commerce. More recently: $10 million at 405 Bushaway Rd, December 15, 2023. Fresh close nearby: $6.606 million at 2634 Crosby Rd, July 2, 2026 (water on three sides — Minnehaha Creek / Crosby Cove / Gray’s Bay; confirm the pocket on a map).
Wayzata Yacht Club / Bushaway. The oft-cited ~$17.5 million “2006 record” is better read as a large Locust Hills land purchase on the Grays Bay side — not this bay’s single-home high.
Maxwell Bay
Orono
Listed now
We don’t have a clear public leader for this bay yet.
Highest sold we can document
$13.5 million · July 24, 2023 · Business Journals
The sale people still talk about. It was the biggest close I could point to on the lake until Linwood closed in Deephaven in October 2026.
Crystal Bay
Orono / Minnetonka Beach
Listed now
$7.195 million · 2425 N Shore Dr, Orono · about 9 acres and 900 feet of shoreline · Debbie McNally, Lakes Sotheby’s International Realty (not Geoffrey) · Compass listing
Highest sold we can document
About $9.8 million · 1725 Bohns Point Rd · May 2007 · Finance & Commerce (Hennepin records). Same address later sold for $8.271 million in 2017. More recently: about $8.6 million at 3017 N Shore Dr, May 2023.
Orono and Minnetonka Beach shore. Strongest public figure I can point to so far — not a full county-record sweep.
Lafayette Bay
Minnetonka Beach
Listed now
We don’t have a clear public leader for this bay yet.
Highest sold we can document
$8.8 million · 2306 Huntington Point Rd W · February 14, 2025 · Business Journals (called the largest Twin Cities home sale since 2023)
Lafayette Bay shore. Strong recent close — not a claim that every older sale has been checked.
Smithtown Bay
Victoria / Shorewood edge
Listed now
We don’t have a clear public leader for this bay yet.
Highest sold we can document
$7.625 million · 6445 Hawks Pointe Ln · December 2, 2024 · Business Journals (a 2024 Minnesota top sale)
Recent documented sale — not a full all-time sweep.
Carson Bay
Deephaven
Listed now
We don’t have a clear public leader for this bay yet. 20670 Linwood Rd closed nearby at $18.25 million on October 1, 2026, but the listing doesn’t say which bay it’s on, so I’m not counting it here.
Highest sold we can document
$7.6 million · 19955 Cottagewood Ave · September 30, 2024 · Business Journals
Minnetonka Yacht Club / Cottagewood. Recent documented sale.
Two right around $7.2 million, and neither listing names its bay. $7.25 million · 1000 Gale Island, Shorewood, a private island · Jeffrey Dewing, Coldwell Banker Realty · Compass listing. $7.2 million · 3845 Northome Rd, Deephaven · Mike Steadman, Compass (a colleague, not me) · Compass listing
Highest sold we can document
$18.25 million · 20670 Linwood Rd, Deephaven · October 1, 2026 · MLS #6769887 · listed by Jeffrey J. Dewing, Coldwell Banker Realty · Compass listing. The listing doesn’t name a bay, so I’m not inventing one. Before that, the lower-lake high I could document was $7.8 million at 5570 Maple Heights Rd, Greenwood, April 6, 2023.
Busy docks. Exact bay still open on the big ones. Over on St. Albans Bay, 5155 Weeks Rd in Greenwood sold for $6.35 million on September 17, 2026 (Sarah Polovitz and Al Anderson, Compass colleagues, not me) · Compass listing
Stubbs Bay
Orono
Listed now
$13.4 million · 475 Oxford Rd · On Point Realty · Compass listing
Highest sold we can document
$6.225 million · 475 Oxford Rd · June 5, 2017 · public sold history on Compass / Coldwell. That same address is listed at about $13.4 million now — list price is not sold.
West-facing water. Documented sale — not proven as every older Stubbs close checked.
Browns Bay
Orono / Wayzata mail
Listed now
$7.895 million · 1225 Shoreline Dr, Wayzata · coming soon, about 120 feet on Browns Bay · Cody Gladu, eXp Realty · Compass listing. Already on the market: $5.665 million · 1397 Orono Ln · Beth Ulrich & Chelsey Danielson, Compass (not Geoffrey) · Compass listing
Highest sold we can document
$6.4 million · 520 Ferndale Rd W, Wayzata · September 9, 2026 · MLS #7101515 · listed by Shane Spencer, Coldwell Banker Realty – Lakes · it had been listed at $6.5 million · Compass listing
520 Ferndale Road West on Browns Bay closed September 9 at $6.4 million after listing at $6.5 million. The Minneapolis/St. Paul Business Journal reported that an LLC tied to Medtronic CEO Geoff Martha sold a Browns Bay home in Wayzata at that price; the bay and price line up with this close, though the article did not name the street.
On the market this cycle. Southways sat on this water historically — that $53.5 million figure was a list price, not a sale.
Woodland / Gale Road
Woodland / Wayzata
Listed now
Lake Point at $50 million · Engel & Völkers · Compass listing. Down the road, $25 million · 2731 Gale Rd · marketed with plans for a new house · John C. Adams, Compass (a colleague, not me) · Compass listing
Highest sold we can document
No Gale Road / Lake Point close. A nearby Woodland high we can document: about $6.4 million on Woolsey Lane in 2018 (Finance & Commerce). Lake Point remains listed only — it hasn’t sold.
The two highest list prices on this shore. Neither has sold.
Upper lake
Mound, Minnetrista, Shorewood… (East / West / Halsted / Cooks)
Listed now
$6.95 million · 5321 Bartlett Blvd, Mound, on Cooks Bay · a lot with a proposed new house · Brian Benson, Compass (a colleague, not me) · Compass listing. 4100 Enchanted Ln, Mound came back on the market October 1 at $5.495 million (it started the year at $6.995 million) · Edina Realty · Compass listing
Highest sold we can document
We don’t have a clear public leader for this bay yet.
Upper Minnetonka Yacht Club water.
Bay names are used only when a public listing or press story actually supports the water. Sold figures are the highest I can document in public reporting and MLS records as of October 2026. Prefer “highest sale we’ve documented” over “all-time record” until county eCRV confirms. Not invented.
Clubs around the lake
These are the clubs people actually mean when they talk about the lake.
Seven clubs on the water or in the lake towns. Being near a club is part of how life feels here — it is not a price tag, not a ranking, and not proof anyone belongs. I don’t publish fees, I don’t claim memberships, and a house does not come with a membership. This page stays on Lake Minnetonka.
Minnetonka Country Club closed in 2014, so it isn’t on this list.
What’s moved lately
A few things worth knowing as of October 2026
Lake Minnetonka only — the houses and clubs around this water.
The house people mean when they say “the $50 million house” is still for sale: Lake Point Estate, listed by Engel & Völkers (you’ll also see it on Compass). The list price started around $68 million when it was shopped quietly, then $55 million, now $50 million. It has not sold.
20670 Linwood Road in Deephaven closed on October 1, 2026 for $18.25 million. It had been listed at $22 million. That’s the highest Lake Minnetonka home sale I can find in public MLS records. Before that, the number people quoted was $13.5 million on Maxwell Bay in 2023.
The second-highest list price on the lake is now on Wayzata Bay: $26.5 million at 372 Ferndale Road South, which came on in mid-September with Jeffrey Dewing at Coldwell Banker. Out on Gale Road, a Compass colleague, John C. Adams, has 2731 Gale listed at $25 million.
Around the bays: $13.4 million listed at Oxford Road (Stubbs Bay). $7.895 million coming soon on Shoreline Drive (Browns Bay). $7.195 million listed on North Shore Drive (Crystal Bay). $6.95 million listed on Bartlett Boulevard in Mound (Cooks Bay). Enchanted Lane in Mound came back at $5.495 million.
Two September closes worth knowing: $6.4 million on Ferndale Road West (Browns Bay, September 9) and $6.35 million on Weeks Road in Greenwood (St. Albans Bay, September 17).
The clubs on this page are the seven around the lake: Lafayette, Woodhill, Wayzata Country Club, Spring Hill, Minnetonka Yacht Club, Wayzata Yacht Club, and Upper Minnetonka Yacht Club. Minnetonka Country Club closed in 2014.
As of October 5, 2026.
Questions I get
Straight answers
Who owns the ~$55 million Lake Minnetonka home?
We only know part of it. Press names the sellers as the estate / trustees of the late businessman Bob (Robert) Lothenbach, who died in November 2023. That $50 million figure is a list price, not a closed sale. It was $55 million on the MLS and shopped quietly around $68 million before that. We don’t invent who lives there.
What are the most expensive homes on Lake Minnetonka?
Start by separating list prices from closed sales. A $50 million listing is not the same as the $7–14 million sales that actually closed in 2023–2025, or the $18.25 million sale in Deephaven that closed October 1, 2026. The tables above keep those labeled as list price or sold.
What is the most expensive home in Minnesota?
Most expensive public listing right now (2025–2026): Lake Point Estate, listed at about $50–55 million on Lake Minnetonka. Historic “record” talk: press often cites about $17–17.5 million in fall 2006. Contemporaneous reporting describes a large Bushaway / Locust Hills land assemblage on the Grays Bay side — not a clean “one house on Wayzata Bay sold for $17.5 million” story. The strongest single-home close I can document is $18.25 million at 20670 Linwood Road in Deephaven on October 1, 2026, the highest Lake Minnetonka home sale I can find in public MLS records. Before that it was $13.5 million on Maxwell Bay in 2023. Private deals may exist — we just don’t have them in public.
Who are the top realtors on Lake Minnetonka?
I’m not going to rank myself. I work this lake, I help with complicated family transfers when that’s the situation, and I’ve worked with 360+ families. If you want to talk, call. That’s enough.
The $50 million house
Lake Point Estate — Minnesota’s highest-profile list price, not a sold price.
2770 Gale Road sits in Woodland, with a Wayzata address, on the west-facing lower lake. About 8 acres, roughly 650–655 feet of shoreline, and a compound the press and Compass put around 29,000 square feet.
The list-price path is the part people miss. It was shopped quietly around $68 million in August 2024, came on the MLS at $55 million in May 2025, went off the market in late October 2025, and came back at $50 million on January 28, 2026 (MLS #6812564).
As of October 2026 it is still listed at $50,000,000 on Compass, and it hasn’t sold. The listing brokerage is Engel & Völkers Minneapolis Downtown / Lake Minnetonka — not my listing. Taxes are listed around $320,880 a year. Press describes the sellers as estate trustees.
That $50–68 million band is a list price, not a sold price. The shoreline sales that make the papers still sit much lower.
What actually closed
Sales we can point to in MLS records and the press
Sold price
Area / bay
When
Where we saw it
$18.25 million sold
Deephaven — 20670 Linwood Rd (the listing doesn’t name the bay)
October 1, 2026
MLS #6769887 / Compass
$13.5 million sold
Orono — Maxwell Bay
July 24, 2023
Business Journals
$10 million sold
Wayzata — Wayzata Bay (Bushaway)
December 15, 2023
MLS / lake press roundups
$8.8 million sold
Minnetonka Beach
February 14, 2025
Business Journals
About $8.6 million sold
Orono — Crystal Bay
May 2023
Business Journals
$7.625 million sold
Victoria — Smithtown Bay
December 2, 2024
Business Journals (a 2024 Minnesota top sale)
$7.6 million sold
Deephaven — Carson Bay
September 30, 2024
Business Journals
$6.4 million sold
Wayzata — Browns Bay
September 9, 2026
MLS #7101515
$6.35 million sold
Greenwood — St. Albans Bay
September 17, 2026
MLS #7116405 / Compass
About $17–17.5 million (historic, press-cited)
Wayzata / Lake Minnetonka
Fall 2006
Robb Report / Star Tribune phrasing
What actually makes a lake home expensive
People want a formula for this. There isn’t — but there are a handful of things that almost always show up in the price.
Shoreline — how many feet, and what kind. Level sand is a different house than a steep lot. A protected bay is a different house than one that takes a beating from open water. And can you actually dock a boat.
Which bay, and which way it faces. West and southwest light, and the coves that stay private, tend to cost more.
Land. A multi-lot compound is a different thing than a tight Cottagewood lot. You’re not comparing the same product.
Privacy. The biggest list prices often start quietly, off the public list. It’s normal for those houses to sit for years.
Boat life and the extra buildings. Boathouses, guest houses, sport courts show up in the $10 million-and-up stories.
Taxes. Lake Point is listed around $320,000 a year. Other houses in this range carry six-figure tax bills too. That’s the real carrying cost, not a footnote.
The gap between list price and sold. Southways was once listed at $53.5 million and later got subdivided. Lake Point has come from $68 million down to $50 million and still hasn’t closed. List prices are marketing. Sold prices are what happened.
Listings to watch
What’s listed at $5 million and up
These are Lake Minnetonka shoreline houses you can actually click into. Photos live on the listing pages. I credit the listing agent on every one — none of these are mine.
2770 Gale Rd, Wayzata (Woodland) — Lake Point Estate
Jeffrey Dewing, Coldwell Banker Realty · MLS #7032563 · a private island with about 1,841 feet of shoreline; the listing doesn’t name the bay · Compass listing
3845 Northome Rd, Deephaven
$7,200,000 list price · Active
Mike Steadman, Compass — not Geoffrey Serdar · MLS #7110453 · Compass listing
When a landmark lake home is also a family transfer
Some of the lake’s most-watched listings come through estates and trustees. Lake Point’s press story is one example. If you’re figuring out a family home after a death, start with calm facts — not fear.
