The Medina mansion formerly owned by auto magnate Denny Hecker has been sold, according to the Minneapolis-St. Paul Business Journal.
The paper reported that Peter Eckerline, senior vice president of investments for Merrill Lynch & Co. Inc.'s Wayzata office, bought the house on 5.35 acres for $3.52 million, almost half of the appraised value of $6.6 million, according to Hennepin County property records.
"We thought it was a great opportunity and a good investment for our family - that's why we bought the property," Eckerline told the Minneapolis-St. Paul Business Journal.
The house has six bedrooms, eight bathrooms, 11 garage stalls, indoor and outdoor pools, tennis courts, an indoor basketball court, a home theater and a golf-simulator room.
Hecker, who filed for Chapter 7 personal bankruptcy last June, lived in the home from 2003 through 2009, according to bankruptcy records. Wayzata-based TCF Financial Corp. which held the mortgage, took the title back from Hecker through foreclosure last year.
Hecker also once owned 21 auto dealerships and a rental-car company. He has been involved with a string of legal problems including bankruptcy, divorce, and an investigation for allegations that he defrauded customers. He has not been charged for any illegal activity.
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