Lori Gustafson

721 Rice Street E

Wayzata, MN
$ 3,100,000 Beds 4 Baths 3.5 Sq 5,853 Virtual Tour
Monthly Estimate* How much can I afford?

Set within Wayzata's coveted Bluff neighborhood, this spectacular Keith Waters Parade Home offers timeless architecture, exceptional craftsmanship, and an unrivaled walkable lifestyle. Just moments from Lake Minnetonka, the Panoway Boardwalk, Lake Street, boutique shopping, and acclaimed restaurants, this is a rare opportunity to own one of Wayzata's most distinguished residences. Spanning 5,853 finished square feet, this custom-built home features four bedrooms, four bathrooms, and a three-car garage. A private elevator with wheelchair accessibility provides seamless access to all three levels, while expansive windows fill the home with natural light and showcase the peaceful and private tree-lined setting. Rich custom woodwork and quality finishes are showcased throughout, reflecting the home's timeless design. A dramatic vaulted entry welcomes you into thoughtfully designed living spaces, where a gourmet kitchen flows seamlessly into the informal dining area and light-filled family room with a classic wood-burning fireplace. A formal dining room, executive office with custom built-ins, four-season sunroom, mudroom, powder bath, and inviting front patio complete the main level. Upstairs, the luxurious primary suite offers a gas fireplace, spa-inspired bath, and walk-in closet with direct access to the laundry room. Two additional bedrooms feature walk-in closets, custom built-ins, and a Jack-and-Jill bath with private vanity areas. Designed for entertaining, the lower level features a fourth bedroom with a private en suite, granite wet bar, climate-controlled wine cellar with capacity for approximately 1,000 bottles, sauna, and a rare cold storage room beneath the insulated three-car garage with access from both the home and garage. Offering timeless design, exceptional craftsmanship, and one of Wayzata's most coveted locations, this remarkable residence presents a rare opportunity to experience luxury living at its finest.

Single Family

  • Price
  • $ 3,100,000
  • City
  • Wayzata
  • Bedrooms
  • 4
  • Full Bathrooms
  • 3
  • County
  • HENNEPIN
  • Half Bathrooms
  • 1
  • Area
  • Wayzata Rev
  • Lot Size
  • 0.25 Acres
  • Zip
  • 55391
  • Sqr Footage
  • 5,853
  • Year Built
  • 2002
  • Taxes
  • $ 28479
  • Style
  • Single Family
  • MLS#
  • 7068170
Listed By: Lakes Sotheby's International Realty
Data Source: Northstar MLS (NSTAR)

Features

General

Living Area 5853
Sewer City Sewer/Connected
Heating Forced Air,In-Floor Heating
Cooling Central Air,Zoned
Roof Age 8 Years or Less,Asphalt
Appliances Air-To-Air Exchanger,Cooktop,Dishwasher,Disposal,Double Oven,Dryer,Electronic Air Filter,Exhaust Fan,Freezer,Humidifier,Water Filtration System,Microwave,Refrigerator,Stainless Steel Appliances,Tankl
Garage Spaces 3
Year Built 2002
Electric Circuit Breakers,200+ Amp Service
Levels Two
Property Subtype Single Family
Tax Year 2026
Accessibility Accessible Elevator Installed
County Hennepin
New Construction No
Property Type Residential
HOA No
Contingency None
Subdivision Name Wayzata Rev
Full Baths 3
Directions Wayzata Blvd to Broadway Ave,South 1 block to Rice Street,East to home on the left
City Wayzata
High School District Wayzata
Zoning Description Residential-Single Family
Lot Size Units Acres
Property Attached Y/N No
Land Lease Y/N No
Tax Annual Amount 28479
Additional Parcels Y/N No
Virtual Tour https://wellcomemat.com/embed/54sn36fbf6a31mo55?mls=1
Standard Status Active
Lender Owned No
Amenities Unit Ceiling Fan(s),French Doors,Hardwood Floors,Intercom System,Kitchen Center Island,Kitchen Window,Primary Bedroom Walk-In Closet,Natural Woodwork,Patio,Paneled Doors,Sauna,Security System,In-Ground Sp
PostalCity Wayzata

Interior Features

Basement Daylight/Lookout Windows,Drain Tiled,Egress Window(s),Finished,Storage Space,Sump Basket,Sump Pump
Total Fireplaces 2
Fireplace Features Gas,Living Room,Primary Bedroom,Wood Burning
Basement (Y/N) Yes
Fireplace Y/N Yes
Above Grade Finished Area 4160
Half Baths 1
Laundry Features Laundry Room,Sink,Upper Level
Total Bedrooms 4
Below Grade Finished Area 1693
Total Baths 4
Bath Desc Double Sink,Bathroom Ensuite,Full Primary,Full Basement,Full Jack & Jill,Private Primary,Main Floor 1/2 Bath,Separate Tub & Shower,Upper Level Full Bath,Walk-In Shower Stall
Dining Room Description Breakfast Bar,Eat In Kitchen,Separate/Formal Dining Room
Fuel Natural Gas
Garage Dimensions 22 x 37
Garage Square Feet 806

Exterior Features

Fencing None
Parking Features Attached Garage,Shared Driveway,Floor Drain,Garage Door Opener,Insulated Garage
Lot Features Tree Coverage - Medium,Underground Utilities
Water Source City Water/Connected
Lot Size Area 0.25
Building Area Total 6946
Lot Dimensions 66 x 166 x 66 x 165
Waterfront Y/N No
Foundation Area 2786
Road Frontage Type City Street,Curbs,Sidewalks
Road Responsibility Public Maintained Road

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Affordability Calculator

$3,786

Per Month

Based on the average sale price from the Faribault, MN office

  • Monthly Principal & interest $2,658
  • Monthly Property Taxes $1,062
  • Monthly Home Insurance $67
Adjust Payment Options
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Let's determine your purchasing power. Working with my mortgage partner, you'll have the information you need to shop for a home with confidence.

Default based on a 30-year fixed rate of 6.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA, or jumbo loans.

Mortgage calculator provided courtesy of Inside Real Estate.

Schools

Elementary School Unknown Elementary School
Middle School Unknown Middle School
High School Unknown High School

Price History

8/5/2026 Listed $3,100,000

Property vs Zip Code Average in 55391

Price
AVG $3.9M
$3.1M
Taxes
AVG $28,548
$28,479
Year Built
AVG 1995
2002
Visits
AVG 163
82
Data Provided by Inside Real Estate®

In The Neighborhood

Areas That We Cover

721 Rice Street E Wayzata, MN is a Single Family Home for sale at $3100000 with 5853 sqft and a lot size of 0.25 Acres Acre(s). 721 Rice Street E Wayzata has 4 bedrooms, 3 baths and was built in 2002. The property's zip code is 55391 which is in Wayzata, MN

*Information deemed reliable but not guaranteed.

Financial calculator disclaimer: Default based on a 30-year fixed rate of 6.49% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.

Mortgage calculator provided courtesy of Inside Real Estate.

All information deemed reliable, but not guaranteed, and should be independently verified. The real estate information and related content displayed on this site is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.

Lori Gustafson

Lori Gustafson

Broker Associate/Sales Agent

507-323-4348

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