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Wayzata, Minn. (AP)

Minn. judge approves sale of Petters' Wayzata home

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A judge has approved the sale of the Wayzata mansion that once belonged to convicted businessman Tom Petters.

Court documents say a couple identified as Brian and Carolyn Taylor offered $5 million for the home.

The 9,400-square-foot mansion sits on 1.2 acres on Lake Minnetonka. It was initially listed for $8.2 million.

The 52-year-old Petters was convicted of running a Ponzi scheme that cost investors $3.7 billion. He was sentenced earlier this month to 50 years in prison on 20 counts of wire fraud, mail fraud, money laundering and conspiracy.

A judge had to approve the sale as part of the overall court proceedings.

KSTP reports that proceeds from Friday's house sale will be used to pay back victims of the Ponzi scheme.

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Information from: KSTP-TV

(Copyright 2010 by The Associated Press. All Rights Reserved.)