Non-conventional home financing leads to tax trouble in Minnetonka

August 22nd, 2011 by Joe Kristan

A Minnesota developer faces federal charges of looting his business to finance this island home on Lake Minnetonka. From StarTribune.com:

According to the indictment, Wirth and the others funneled more than $2 million from Wirth’s companies to buy the land and build the mansion, and didn’t report the money as income on either personal or business tax returns.
The abandoned villa, with its tile roof and arching doorways, sits on a private island connected to the mainland by a bridge in St. Albans Bay.

Russ Fox has more. Remember, if you can’t even get FHA financing, maybe you should get less house.

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