550 Long Lake Rd E (Orono, Minnesota)

USA / Minnesota / Long Lake / Orono, Minnesota / Long Lake Road E, 550
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550 Long Lake Rd E, Orono, MN 55391

Listed as having 10 bedrooms and 12 baths (5 Full/4 Three-Qtr/3 Half) over 19,625 on 5.30 acres. The property was sold in 1989 for $745,000, the house dates to 1995. It was listed for sale in January 2008 for $7,500,000, it then reduced to $6,450,000 in February 2009, $4,950,000 in October 2008, and for $3,900,000 in Sept 2009. This mansion was foreclosed and sold on August 12, 2011 for $880,000.

It was previously registered to David A. Netjes, an executive (co-founder/COO) at KKR Financial Holdings, which was the the publicly traded fixed-income fund and debt affiliate of the much larger Kohlberg Kravis Roberts. KKR Financial was known as KFN and began in 2004 by issuing short-term debt to trade in much more lucrative mortgages. But it was hard pressed in the economic crash and by 2008 struggled to make payments in debt linked to its mortgage holdings as its stock dropped. In 2008, it was heavily restructured away from its original business model as a buyer of distressed debt when KKR took full ownership of the listed business by buying a 35% stake in KKR Fixed Income from the CEO and Netjes and then replaced them

He is currently head of The Wayzata Group LLC, a family investment office.

At one time this was the address for Darling Custom Decorative Services.

SOURCES: Property info/past sales:www.edinarealty.com/homes-for-sale/MN/Orono/55391/550-L...
www.zillow.com/homedetails/550-Long-Lake-Rd-E-Wayzata-M...
www.trulia.com/homes/Minnesota/Wayzata/sold/20482410-55...

Property line:
gis.co.hennepin.mn.us/HCPropertyMap/Locator.aspx?PID=35...
www.edinarealty.com/
Property owner:www16.co.hennepin.mn.us/pins/pidresult.jsp?pid=35118231...

Owner info:www.linkedin.com/pub/david-netjes/15/525/244
www.whitehouseforsale.org/donor.cfm?donor=6668
www.oakbridgeins.com/clients/blog/kkr.pdf
blogs.wsj.com/deals/2008/12/16/kkr-goodbye-to-all-that/
www.nytimes.com/2008/02/20/business/worldbusiness/20iht...
Nearby cities:
Coordinates:   44°59'17"N   93°32'50"W

Comments

  • FYI. The sale of the house for $880,000.00 is my old house at 500 Navajo Road West, Medina, MN 55340. I purchased this property, 550 Long Lake Road East, Wayzata, MN 55391 for $3 million on December 15, 2009, and have not sold it. Not sure how you picked up the sale of my prior home and attributed it to my current home. Thanks and best.
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This article was last modified 5 years ago