(Daily360.com) – A billionaire on a home-buying spree has locals very concerned. Kathy Cargill is married to legacy billionaire James Cargill II and the couple lives in Wayzata, Minnesota. James Cargill II, is an heir to the vast Cargill, Inc. fortune. The largest privately owned company in America boasts a large food and beauty product portfolio. The total fortune is estimated to be around $47 billion, split among 23 descendants of the company’s founder W.W. Cargill.
Kathy Cargill is snatching up several properties in Minnesota’s Park Point area. The town is a quiet little neighborhood along the Lake Superior sandbar in Duluth. Cargill has so far been linked to 10 home purchases in the area. She’s also been reported to be paying well above the asking and market value price for most of the houses. In some instances she’s paid several hundred thousand dollars over the appraisal number. In total the Star Tribune of Duluth estimates the billionaire wife has spent over $2 million on these houses.
Some of the sellers have been elated by what they call life-changing money but remaining residents are not enthusiastic about Cargill’s spending. They wonder why she is spending so much money in their town and they worry her overspending will raise their taxes and change the neighborhood. Those fears may have some justification as Cargill has referred to the homes as “pieces of crap” and has already demolished several.
The locals, including some of those who have sold to Cargill say those words were offensive as most raised their families in the modest homes. One property has already been torn down and a new house has been put up in its place. A resident describes it as a big, beautiful and empty house. Rumors are Cargill may be building a home for the couple’s soon-to-be college graduate grandson.
In addition to being a real estate buyer, Kathy Cargill is also a collector of very fast sports cars. She owns four McLaren exotic sports cars that she calls “drivable art.” A McLaren could sell for upwards of $1 million. Residents say Kathy does not socialize with them despite potentially becoming a neighbor to several but they do occasionally see a McLaren racing through their streets.
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