This 10-bedroom mansion in New York was offered for only $50,000, with one catch
(CNN) — A
6,000-square-foot, 10-bedroom Victorian mansion could've been yours for
only $50,000, but there was one catch: You had to put together a
restoration proposal for the historic property in order to be
considered.
Built in 1861, the mansion is in Auburn, New York, in the Finger Lakes region about 25 miles west of Syracuse.
The property has 10 bedrooms.
Michael DeRosa / Michael DeRosa Exchange, LLC
The city of Auburn purchased the foreclosed property, and the city's Planning Department partnered with real estate agent Michael DeRosa to come up with the unique method of sale.
"This is not an auction, it's a contest," DeRosa told CNN.
Prospective
buyers had to state their intended use of the property, the restoration
project timeline and cost, and restoration plan in order to be
considered as a part of their application.
The winner will be chosen by a vote by the city.
Michael DeRosa / Michael DeRosa Exchange, LLC
Applications
closed December 18 and the city will review the offers and vote on a
winner. The winner will be chosen after January 8, DeRosa said.
"It's
not so much the buyer who offers the best price that is of importance
here, it's the buyer with the best intended use and plan to restore this
mansion that really matters," said DeRosa.
The property includes a two-story carriage house.
Michael DeRosa / Michael DeRosa Exchange, LLC
The
property once belonged to Auburn banker James Seymour, who was known
for his philanthropic efforts. He founded the Seymour Library and the
Auburn City Hospital.
The
mansion sits on approximately an acre of land, and it has three
stories, five bathrooms and four fireplaces. A two-story carriage house
is also on the property.
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