There may soon be a new house on Park Point, which may be a big one as rumors spread about a mega-mansion being built. But, is it true?

The St. Paul Pioneer Press reported this weekend about some homes being bought and demolished on Park Point, the homes are all owned by North Shore LS, LLC, which according to the Office of the Minnesota Secretary of State is managed by one member of Minnesota's richest families.

Kathy Cargill is married to James R. Cargill II, who is one of the 12 heirs to the Cargill fortune and is worth an estimated $5 billion according to Forbes, making him 223 on their list of richest Americans. Kathy is listed as the manager of North Shore LS, LLC and she is also listed as the manager of BDU Holdings, LLC which owns the house (15 Red Forest Way, North Oaks, MN) that is listed as the taxpayer for the newly acquired Park Point Properties.

The St. Paul Pioneer Press reports that North Shore LS, LLC spent $4.6 million on seven addresses in two locations on Park Point, "the lake side of Minnesota Avenue just past the 12th Street Beach and on both the lake and harbor side of the 2900 block of Minnesota Avenue near Lafayette Community Center."

At this point, there are no permits with the City of Duluth to build anything on the properties, and when the St. Paul Pioneer Press reached out to Kathy Cargill they were told, "The homes that we bought were pieces of crap, I couldn’t imagine living in any of them." She also threatened legal action if anything ended up in the newspaper.

Google Maps
Google Maps

The newspaper talked to several residents on Park Point and opinions seemed mixed, some like the idea of the family building on Park Point, while others fear that Park Point is being gentrified and fear that property taxes could skyrocket if a mega mansion was built. Time will tell what the plans are for these properties but as global warming continues to impact our planet, look for the ultra-rich taking another look at the Twin Ports area and its abundance of fresh water and nice climate for a place to call home, at least part-time.

The Cargill family is the fourth-wealthiest in America, their fortune comes from William Wallace Cargill who founded the Cargill company, a food production corporation that is based in Minnesota and is the largest privately held company in the United States.

25 richest families in America

To find out which clans hold the most wealth, Stacker compiled a list of the 25 richest families in America using 2020 data from Forbes.

Gallery Credit: Taylor Johnson

LOOK: This is where homes are selling the fastest right now

Stacker compiled a list of the metros where houses are selling the fastest, according to data from Redfin.

Gallery Credit: Stacker

More From 98.1 Minnesota's New Country