In Minneapolis or Manhattan, a 7,400 square foot penthouse condo easily commands seven, eight, sometimes nine figures. But the owners of a lavish three-bedroom, five-bathroom rug in Mendota Heights are asking for a paltry $ 295,000. Heck, that’s less than the price others paid for smaller units in the same building on Eagle Ridge Drive.
Maybe it has something to do with the monthly homeowners association dues of $ 3,205.
Still, given the characteristics of the property, “it’s a good deal,” said real estate agent Henry Edelstein. “When you look at the size of the rooms and the space, it’s so big.”
The penthouse was once owned by Clayton Rein, a real estate developer, art collector and philanthropist who shaped the housing industry in Minnesota. When he built the property in 1989, he combined three units to create a place where he could relax and entertain friends.
Rein, who made his namesake CG Rein Co. a successful business, was a friend of Hubert Humphrey and a host of civic, business and cultural A-listers in the Twin Cities. Its place looks set for the evening, from the grand entrance with vaulted ceiling and lighted alcoves to the spacious great hall with walls begging for artwork.
Rein also mixed well with artists, owning galleries which, in turn, rented works of art to companies.
“If you are an art collector, there are many opportunities to exhibit your art,” said Edelstein.
Rein died in 2015. His wife, Virginia, died last year.
The owners’ suite has three dressing rooms. And the whole place is packed with amenities, including a wet bar, fireplace, exercise room, and office. In addition, the condo includes five garage spaces and an outdoor swimming pool.
“When he developed the property in 1989, Mr. Rein put the best of the best in it at the time,” said Edelstein. “There are some updates that could be done, but it’s ready for someone who wants an amazing life on one level. With a lot of furniture and imagination, someone can have an amazing place. “
Rohan Preston • 612-673-4390