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The wife of James Cargill II, a billionaire in America’s fourth-wealthiest family, bashed a “small-minded community” in Minnesota for their concerns about her buying up available homes in their neighborhood.
Kathy Cargill began attracting attention last year after scooping up 10 homes in the 7-mile-long neighborhood of Park Point along a Lake Superior sandbar in Duluth valued at $2 million.
Cargill then doubled up on her property shopping spree, purchasing an additional 10 homes.
The Wall Street Journal wrote:
DULUTH, Minn.—When the wife of a billionaire heir to the Cargill food company fortune paid $2.5 million for a home in a funky neighborhood of beach bungalows in this Lake Superior port, it didn’t draw much notice.
But after Kathy Cargill, wife of James R. Cargill II, started buying up multiple additional homes unconnected to the original parcel on Park Point, alarms went off for many residents of the 7-mile strip of sand near Duluth’s main tourist area, with popular beaches and a city park.
As the number of purchases multiplied and homes began to disappear, residents were concerned about what Cargill might be up to. Rumors swirled that she wanted to turn the area into a gated community or playground for the rich. Many worried about how her purchases—above market prices for the area—would affect their taxes and the housing supply.
People wondered what was happening when a billionaire started buying and bulldozing homes on a skinny island in Duluth, Minn https://t.co/vRtB24ovdG https://t.co/vRtB24ovdG
— The Wall Street Journal (@WSJ) March 25, 2024
Duluth Mayor Roger Reinert voiced his concerns in a Facebook video two weeks ago, along with the following statement:
Like so many, I have been following the Park Point homes being purchased by a single individual. Park Point is a unique Duluth neighborhood, and geographically a place like no other in the world. The plan for these properties is unknown, and that is concerning to many – including me. A few things:
First, about a month ago I sent a letter to Ms Cargill urging her to speak to us about her plans. I received no reply, so intend to send another. I am inviting any of our City Councilors who are interested to co-sign it with me. Communicating intent to the city and our neighbors would go a long way in easing minds.
Second, it appears that in many cases these homes are being purchased at well over market value. And while homeowners are perfectly legal to sell to whomever they want for as much as they want, they can also always choose to NOT sell their property.Third, I’ve asked the City Attorney for other actions the community might take. We are investigating zoning and other regulations that would apply to future construction and also address future demolitions.
Lastly, PARKS will remain PARKS, and no matter who owns the adjacent properties the beach WILL REMAIN PUBLIC! As will the street end beach access points. I want to be very very clear on this point – public access to Lake Superior is not going anywhere.
After locals voiced their concerns about the property being snatched up without any explanation, Cargill then claimed that she had planned to spruce up and help modernize the neighborhood, but now she has abandoned those plans and blasted the good people of Duluth.
“I think an expression that we all know—don’t pee in your Cheerios—well, he kind of peed in his Cheerios right there, and definitely I’m not going to do anything to benefit that community,” she fumed.
“The homes that we bought were pieces of crap. I couldn’t imagine living in any of them,” Cargill reportedly said.
The Wall Street Journal further wrote:
Cargill said she didn’t think it was anybody’s business what she did with the properties since she had done everything legally. She said her only intention was to make improvements to the neighborhood while helping some residents move on to the next stage in their lives. She said she planned to build homes for some of her relatives, put in small-scale natural areas, fund improvements to the city park, open a coffee shop and build a complex for pickleball, basketball and street hockey.
“The good plans that I have down there for beautifying, updating and fixing up Park Point park or putting up that sports court, forget it. There’s another community out there with more welcoming people than that small-minded community,” Cargill declared.
Wife in America’s fourth-richest family bashes ‘small-minded community’ after she buys up real estate https://t.co/oUPV1LYU3e
— Fox News (@FoxNews) March 25, 2024
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