Saturday, July 11, 2015

Does an Infamos Slumlord Want Out of North Minneapolis?

3127 Morgan Ave N

As a Jordan neighborhood homeowner and avowed mortgage geek, I take it upon myself to know as much as I can about the local housing market, and I frequently scan the MLS for interesting tidbits.  One such listing popped up a while back.  A house at 3127 Morgan Ave N has been listed for sale with a purchase price of (drum roll, please) $1.45 million. 

I briefly wondered if this was something similar to the $2.5 million house that signaled the downfall of the Paul Koenig/Pamiko empire.  But the listing itself states that the seller is looking to unload a total of sixteen properties, is willing to barter each on an individual basis, and will give a steep discount to someone who is buying all of them at the same time.

The owner of record, according to the city's website, the owner of record is an obscure entity called Entrust Midwest LLC.  Right away, I recognized this as being owned by the notorious BMG, none other than...