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Wayzata is a premier suburb located 11 miles west of downtown Minneapolis. With a population of 4,500 people, Wayzata is a tight-knit community which is known for its vibrant downtown and picturesque setting on Lake Minnetonka. A popular destination for visitors, Wayzata’s downtown is home to a number of specialty shops, boutiques, professional services, and restaurants.

Thursday, February 19, 2009

Signature Bank sues owner of Redstone Dean Vlahos over unpaid loans

The Star Tribune is reporting that Signature Bank of Minnetonka has filed two lawsuits against Redstone owner Dean Vlahos for defaulting on repayments toward $5.5 million.

Vlahos and his estranged wife, Michelle, are in hot water for not performing on a number of notes they have signed. Additionally, Home Federal Savings Bank of Rochester moved to foreclose on Vlahos' Deephaven lakeshore home last month.

Much of this, according to Vlahos, is due to the Tom Petters ponzi scheme fraud, in which Vlahos claims that Petters owes him $16 million.

All of this has a Wayzata connection in that Vlahos is one of the owners of the Superior Stop, the property that the City is in negotiations to purchase for the Wayzata Bay Center redevelopment. Additionally, Redstone's coroporate office is in the Wayzata Boat Works building, and was alive with people and chefs the other day as I wondered in to check out the vintage boat that is on display in the lobby of the building.

For the full article from the Star Tribune, follow this link: Redstone owner sued over unpaid bank loans.

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