$7 Million for Minneapolis Riverfront Condo
Thursday, November 17, 2011 at 11:01AM | by David Tinjum 
From the Star Tribune:
On Saturday night, Aveda Corp. founder Horst Rechelbacher threw an extravagant bash for his 70th birthday by featuring Irish pop star Donovan and an invocation by four Buddhist monks. He also celebrated the party venue: his new, 18,000-square-foot Minneapolis condo overlooking the Mississippi River.
Rechelbacher, owner of Intelligent Nutrients, recently bought the entire top two floors of the Phoenix on the River condo building and plans to convert them into what is thought to be the largest and most expensive condo in the state. He paid $6.995 million for the unfinished space.
Even bigger than the condo deal is the psychological lift it is giving the market. Condo sales have suffered because of economic fears, but the Rechelbacher purchase and a spate of other upper-bracket deals are signs the condo segment is improving.
