The wife of the heir to one of America’s wealthiest families has bought lakefront homes in Minnesota that she has labeled “pieces of crap.”
Kathy Cargill, who collects McLaren cars that she calls “drivable art,” has purchased 10 homes through the LLC she manages in Park Point, a scenic seven-mile neighborhood along Duluth’s Lake Superior sandbar, also known as Minnesota Point .
The homes were purchased for a total of $2 million above market value, as reported by the Star Tribune, raising suspicion and concern among locals who have no idea what her plans for the area are.
She is the wife of billionaire James Cargill II, one of the heirs of the largest private company in the US, Cargill, Inc, which sells food and beauty products.
Park Point residents have expressed concerns about rising property taxes and what exactly will be built on the site of the homes, seven of which have already been demolished.
Kathy Cargill, who collects McLaren cars that she calls “drivable art,” has purchased 10 homes through the LLC she manages in Park Point, Minnesota
Park Point residents have expressed concerns about rising property taxes and what exactly will be built on the site of the homes. Cargill purchased 1221 Minnesota Av for $300,000
Cargill purchased 1223 Minnesota Av for $350,000 – over 100,000 above appraised value
Adding to the mystery is Cargill’s secrecy surrounding the project. She has repeatedly refused to answer press questions about this and has even threatened legal action against the St. Paul Pioneer Press newspaper.
However, she told the newspaper in December that the properties belonged to her, and not to the Cargill family at large.
“The houses we bought were pieces of crap,” Cargill told the Duluth News. “I couldn’t imagine ever living there.”
Brooks Anderson, 93, told the Duluth News Tribune that he fears the quiet enclave will become a “part-time playground for rich people.”
Danny O’Neil, a longtime resident of the area, received $825,000 for his 1,500-square-foot home, which was initially appraised at $370,000.
Although he was happy with the generous payout, Cargill’s comment about the houses she bought stung.
“That was my house,” O’Neil told the New York Post. ‘It’s a family home that’s an old beach house. That (comment) made me feel bad. No doubt she’s trying to justify breaking it off. But give me a break.”
O’Neill also claimed that Kathy told him she plans to build a “modest” home for her grandson, who is studying environmental science at the University of Minnesota Duluth.
The ten homes were purchased in just one year, with an average price of about $477,000, and according to the Star Tribune, rumors are swirling that three more sales are in negotiations.
Cargill is currently renovating one home on Park Point, which it purchased for $2.5 million in 2021. The other homes are grouped in two parts of the route.
According to local reports, no building permits have been issued so far.
The miles of beach along Park Point are open to the public, but the community remains close-knit through their own neighborhood newsletter, email list server, and community hub.
Locals have told the Star Tribune that they want to protect the “unique, environmentally important and beautiful place,” and the secretive nature of Cargill’s purchases, as well as her comments about the homes she has purchased, are causing concern among many locals.
1239 Minnesota Av was purchased for $500,000, although it was appraised at $239.5,000
Cargill is known for its love of McLarens, which sell for more than $1 million each and can reach speeds of more than 200 mph.
The Cargills are the fourth richest family in the US, with an estimated net worth of $47 million.
The family now has fourteen billionaires, more than any other family in the world.
Cargill was founded in 1865 by William Wallace Cargill. Headquartered in Minnesota, it is the largest agricultural company in the world, producing and processing agricultural products, as well as offering a variety of financial services.
Most family members have extremely private lives and, according to Forbes, many live on ranches and farms throughout Montana.
Very few photographs of the family exist in the public domain. Duncan MacMillan’s 1998 book, “The American Grain Family,” described the family as “most stubbornly secretive.”
The company’s ordinary share capital has been held by the descendants of William Cargill and his son-in-law John MacMillan for more than 140 years. There are six family members on the board, which consists of 17 people.
There are almost 100 family members who together own about 90 percent of the company. The remaining ten percent is owned by employees through stock ownership plans and shares owned by management.