In-Depth: Private Peek at Petters Home - KMSP-TV

In-Depth: Private Peek at Petters Home


The public will soon get its first look inside the Wayzata home of convicted swindler Tom Petters. The man in charge of selling Petters’ properties is planning a public open house in hopes the peek will get someone interested in buying the home.

While we have to wait for that, FOX 9 has obtained exclusive video of other million dollar mansions owned by Petters and his partners in crime.

There's nothing like a private peek at how the really rich live.

Especially when you know the rich people are trading their lives of luxury for prison cells. Petters once owned a beach front home in Florida; it was videotaped just the way Petters left it, food in the refrigerator and all before he was charged for bilking people out of billions of dollars.

Petters clearly had expensive taste. A wine cellar, clothes, shoes, slot machines and art work. And he clearly liked boxer Mohammad Ali. He even collected robes from the champ. They were left in a closet bagged up the way he wanted them.

A man who sounds like a caretaker walks through the entire home which sold last June for just over nine million dollars and change. Its money attorney Doug Kelley will use some day to pay something back to the victims.

“When people look at this I hope they will have the patience to understand that there's a fair amount of money I think will still be brought into the receivership.”

Kelley said. It's Kelley's job to make sure assets from all of the bad guys are sold, including Larry Reynolds. He's the man in the government witness protection program who helped run the ponzi scheme. He owned a mansion in Las Vegas. It's still on the market.

So is the million dollar Plymouth home of whistleblower Deanna Coleman.

The home has not been sold in part because there was a fire last August in the back of the house. According to police reports, Coleman's current live-in boyfriend, who ironically is a firefighter, accidentally started it with the gas grill.

Kelley says the damage has been repaired and it will be on the market soon. Kelley has sold Coleman's condo in Costa Rica.

"I can tell you selling property in Costa Rico is a real trip." Kelley said.

Kelley says he has brought in about $200 million so far and while he hopes for more money from the sale of mansions and Mercedes, Kelley says he expects about half a billion dollars will have to come from Petters’ early investors. People who made money knowingly or unknowingly while the ponzi scheme still flourished.

“It's a very simple measure, did you take out more than you put in? Whether they knew anything about the scheme or not that money automatically comes back to the receivership.” Kelley said.

Kelley says he doesn't expect those people to just write him checks for profits they made. He believes he will have to sue to recover the money.

The bottom line: the fallout from the Petters’ ponzi scheme is far from over.

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