In 2013, buyers paid $3.45 million for a Lake Minnetonka property and built a 10,000-sq-ft home two years later; the estate has now sold for $18.25 million, setting a Minnesota record

A Lake Minnetonka estate in Deephaven has sold for $18.25 million, becoming Minnesota’s most expensive residential sale on record. The sale was reported by the Minnesota Star Tribune and Minneapolis/St. Paul Business Journal, while property records and the listing history independently confirm the October 1 closing. Located at 20670 Linwood Road, the lakefront property spans about 2.39 acres and includes 350 feet of shoreline. The contemporary residence measures 10,440 square feet, with five bedrooms, nine bathrooms and a heated six-car garage. It was designed by Charles Stinson and completed in 2015 by Streeter Custom Builder.The sale is notable not only for its price but also for the property’s transformation over the past 13 years. The land changed hands in 2013 for $3.45 million. At the time, the site carried an older 5,145-square-foot house dating to 1956. The existing custom-built residence was subsequently constructed on the property and completed in 2015.The estate had initially entered the market at $22 million in August 2025. It eventually sold for $18.25 million, representing a discount of roughly 17% from the original asking price. The closing took place on October 1, according to the property’s MLS history.Inside, the home is designed around expansive views of Lake Minnetonka. A large wall of sliding glass doors connects the main living areas with an outdoor terrace, screened porch and infinity pool. The property also includes a chef’s kitchen, separate support kitchen, two offices and glass-enclosed wine storage.The lower level adds another layer of luxury, with four junior suites, a bunk room, exercise room, wine cellar, billiards area, bar and recreation space. Outside, the estate has a private sandy beach and a separate lakeside boathouse equipped with a rooftop deck, kitchenette, half-bath, laundry facilities and outdoor shower.The landscaping was also extensively reworked after the property was acquired. Earlier reporting on the home said more than 240 mature trees were removed and more than 350 new trees were planted as part of the site’s redesign, helping create a more private setting around the modern residence.The $18.25 million transaction surpasses the previous Minnesota residential-sale record of $17.5 million, set by another Lake Minnetonka property in 2006. That record had remained in place for roughly two decades. The new record also highlights the strength of the luxury market around Lake Minnetonka. Recent high-value transactions include a $13.5 million Orono sale in 2023 and a $10 million Wayzata sale that same year. More recently, a Deephaven estate sold for $9.125 million, illustrating the growing number of multimillion-dollar transactions around the lake.Yet the $18.25 million property is not the most expensive Lake Minnetonka home currently being offered for sale. An estate in the Woodland area remains listed at $50 million, while another property was recently placed on the market for $26.5 million. Those are asking prices, however, rather than completed transactions, meaning the Linwood Road sale remains the benchmark for an actual residential closing.The buyer of the Deephaven estate has not been publicly identified. As the transaction settles into the public record, the sale stands as a striking example of how far the upper end of Minnesota’s residential market has moved since the property last changed hands for $3.45 million in 2013.