Historic 40,000-sq.-ft. Mansion on Lake Minnetonka Available in its Entirety or as 5 Individual Parcels

CHICAGO, Oct. 27 /PRNewswire/ -- Southways, the 13-acre, former Pillsbury estate located in an exclusive suburb outside of Minneapolis, is being offered for sale in a sealed bid auction.

(Photo: http://www.newscom.com/cgi-bin/prnh/20091027/NY99349 )

The historic, 40,000-sq.-ft. mansion, which includes the elegant main residence, detached garage, pool and tennis complex, smoking house, tea house, caretaker's cottage/greenhouse and caretaker's maintenance shop, is available in its entirety or as five individual two-plus acre parcels, according to Sheldon Good & Company, the Chicago-based, national real estate auction firm chosen to handle the auction. The sealed-bid deadline is December 9, 2009.

"Southways is simply magnificent, truly one-of-a-kind, equipped with every conceivable amenity for entertaining, from lavish private gardens to a full-scale outdoor chess set," notes David Latvaaho, Sheldon Good Managing Director. "Rarely does an opportunity arise to acquire a home of such historic significance, such grandeur, and such magnitude."

The property was originally owned by John S. and Eleanor Pillsbury, son and daughter-in-law of the co-founder of the grain producer and food maker giant that was purchased by General Mills in 2001. The original owners worked closely with legendary architect Harrie T. Lindeberg to create the estate's graceful architectural lines, meticulous craftsmanship and natural cohesion between indoor and outdoor spaces.

The mansion has been sold only once since it was built in 1918 to the current owners, who in 1992 commissioned New York City-based architects Beyer Blinder Belle, famous for restoring Ellis Island and Grand Central Station, to undertake a multi-million dollar restoration of the estate to bring it back to its original grandeur but with all modern amenities.

The grounds are noted for sweeping lawns, mature trees and formal gardens decorated with European statues and private sitting areas that offer spectacular, serene views of Lake Minnetonka. Southways is ideally located in close proximity to fine restaurants, world-class yachting and sailing, and several golf courses.

Through the years, the mansion has welcomed American Presidents, foreign dignitaries, celebrities and royalty.

Interested bidders can view Southways by appointment only. Tours will take place on October 28, November 1, November 8, November 18, November 22 and November 29.

A Bidder's Information Packet priced at $100 is a requirement for bidding, as well as a certified or cashier's check totaling five percent of the total bid. Sealed bids are due at Sheldon Good & Company's Chicago headquarters (333 W. Wacker Drive, suite 400, Chicago, IL) by 3 pm Central Standard time, on Wednesday, December 9, 2009.

For further information, please contact Sheldon Good & Company at (800) 315-2199, or visit (www.sheldongood.com/southways.php).

About Sheldon Good & Company

Sheldon Good & Company (www.sheldongood.com) is the nation's premier real estate auction firm. Founded in 1965, the organization is frequently acknowledged as the innovator and leader in real estate auctions by prestigious publications such as Forbes, Fortune, The Wall Street Journal and others. The firm has sold more than 40,000 properties in over 100 asset classes by leveraging its sophisticated accelerated marketing programs and superior real estate expertise. Owned by Racebrook Capital, a private equity firm in New York, Sheldon Good & Company has regional offices in New York, Chicago and San Francisco. Sheldon Good & Company has been rated the premier real estate auction company by a number of prestigious financial publications. The company has aggregate sales of over $10 billion.

SOURCE Sheldon Good & Company

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