6985 Oak Ridge Rd

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6985 Oak Ridge Rd, Hamel, MN 55340

This 5,100 sq ft house, built in 1998, sits on 2.11 acres. It was last purchased on October 14 1998 for $995,000. The empty lot had previously been sold on 10/02/1997 for $134,900. It was listed for sale on 08/14/2009 for $1,450,000, then reduced to $1,295,000 before being pulled off the market on 12/20/2010.

Property presently owned by Jeffrey S. "Jeff" Majkrzak, a former Northwest Airlines senior manager who founded the infamous Lakeland Construction Finance LLC. Lakeland grew into a major player in the Twin Cities residential lending market after it attracted the financial backing of Ted Waitt, who had made more than $1 billion from the sale of Gateway Computers, the personal computer-maker he founded in an Iowa farmhouse in 1985. It loaned hundreds of millions of dollars to developers, sometimes without visiting sites or requiring an appraisal, a practice which came to a head in the property bust of the late 2000s. When Lakeland's money ran out, more than 20 subdivisions on the outskirts of the Twin Cities and St. Cloud stood unfinished and abandoned. As the Star Tribune put it, "Lakeland's demise stands as one of the worst chapters in Minnesota's housing bust."

SOURCES:
Property info/past sales:
www.zillow.com/homedetails/6985-Oak-Ridge-Rd-Hamel-MN-5...

Property line:
gis.co.hennepin.mn.us/HCPropertyMap/Locator.aspx?PID=26...
www.edinarealty.com/

Property owner:
www16.co.hennepin.mn.us/pins/pidresult.jsp?pid=26119234...

Owner info:
www.startribune.com/templates/Print_This_Story?sid=4160...
www.startribune.com/templates/Print_This_Story?sid=8984...