This Mansion Went On The Market For $10 – So Why Did Nobody Want To Buy It?
Only a select few people will ever have the privilege of owning a mansion. It's fun to picture ourselves lounging by a huge swimming pool or sitting in a state-of-the-art movie theater that just happens to be in the basement.
What if you could own a multi-million dollar home for just $10? Click through to find out what the catch is...
It's Not Cheap To Live Here, So What's Up With The $10 Price?
It's famously hard to find an affordable house in the New York metro area. According to local Zillow listings, the median price of homes here is $342,000. That's not exactly pocket change for most people!
So, when a gorgeous mansion went on the market for $10, people flocked to the open house. Weirdly, no one made an offer on the suburban estate. You won't believe the reason no one bought the mansion.
Montclair, New Jersey, Is A Very Desirable Place To Live
Making this mansion an even better deal is the fact that it's situated in the suburban town of Montclair, New Jersey. It's the ideal location for any family looking for their forever home. The area is surrounded by great schools, country clubs, shops, and restaurants, and not to mention it's all very green and lush in the warmer months.
The 111-year old mansion is even located on a road called Pleasant Avenue... how nice is that? It all sounds pretty perfect.
Suburban Life With A Taste Of The City
The Essex County township of Montclair boasts a population of 37,669 people. That's a perfect number if you're not too much of a city person, but you don't want to live in a tiny suburban bubble. Not to mention that Manhattan is a short 45-minute car ride away.
So why aren't people jumping at the opportunity to live so close to the city and yet still be able to come home to a quiet town?
First, A Little History Of The Mansion
Renowned local architect Dudley S. Van Antwerp built the mansion back in 1906. Van Antwerp opened his design practice in 1900 and went on to build the famous Montclair Wachtung Avenue Congregational Church as well as the Yacht Club in Bayside, Long Island.
So what is the story behind this residential mansion? It's beautiful and set on a great plot of land. So why would someone go through all the trouble of listing it for only $10?
A Colonial-Style Home With Tons Of Room
The mansion is nearly 4,000 square feet, so it's not exactly what one would call tiny. That square-footage does not even include all of the amenities around the property. The inside consists of six bedrooms and three-and-a-half baths, meaning there is no lack of space!
The new buyers could make those rooms into anything they want. The possibilities are endless! A home gym, a library, theater, wine cellar... what would you do with all this space?
It's On Two And A Half Acres
Aside from the actual mansion, the grounds are pretty amazing on their own. The home sits on about two-and-a-half acres of land, which is plenty of room to put a few fun features around the property.
The estate comes with its own private tennis court and gazebo, as well as a carriage house. Renovations to put a game room in the carriage house would be fun! Needless to say, the property has some definite selling points.
The Real Value Of The House
Considering the northeast suburban location, and not to mention the town the mansion is located in, it should be on the market for a bit more than what it costs to go out to a fast-food restaurant for dinner. The fact of the matter is, the mansion should technically be listed at $1.35 million. That may sound steep, but considering the neighborhood and the surrounding multi-million dollar homes, the price is pretty spot-on.
Aside from the famous architect, the mansion was home to the first African-American athlete to become captain of the Notre Dame football team, Aubrey Lewis. The Fighting Irish halfback is recognized as one of the state's greatest athletes, his old high school in Montclair even naming their field house the Aubrey Lewis Sports Complex. Due to a heart murmur he had since birth, Lewis did not pursue a career in football. Instead, he decided on a different career path.
The Real Estate Agents Have A Plan Up Their Sleeves
After achieving fame at Notre Dame, Lewis went on to join the Federal Bureau of Investigation as part of its first training class to include African-Americans. When he retired, Lewis made his way back home to Montclair to settle down with his family. Sadly, he passed away in 2001 from heart complications, and the BNE Real Estate Group purchased his estate. They planned to build eight homes on the property. That plan quickly fell through.
When the real estate company purchased the property, they made an agreement with Montclair's Historic Preservation Commission to keep the estate instact, due to its historical significance/celebrity status. Therefore, they weren't able to build on the land and their original plan for the property fell through. Real estate agents are smart, though, and they had a Plan B. They listed the mansion for a total sum of $10, but with that price came a huge catch.
Turns Out, There's A Good Reason People Aren't Buying
What deal could possibly be bad enough for people to turn down the opportunity to own a gorgeous piece of property? Well, as it so happens, no one can actually live in the mansion where it currently rests in Montclair.
This means that whoever buys the property is also going to have to pay to move the entire thing to a different location. Now it makes sense why no one is jumping at the opportunity. Talk about a plot twist!
Unfortunately, The Potential Buyer Won't Have a Choice
Carmen Warren of Montclair says it best, "Where are they going to put it? Why would I want to buy such a big monstrosity of a house and don't know where to put it? That's a lot of house to move." Truer words were never spoken.
The problem is that whoever purchases the residence doesn't have a choice. Montclair town officials approved that subdivision application under the strict terms that if the mansion was sold it would have to be relocated.
Moving The House Isn't The Only Stipulation
Whoever purchases the mansion is going to be responsible for not only moving the residence within a quarter-mile of its current location, but they must pay for all of the costs that come with buying a new home.
The buyer is also going to be required to go through all of the necessary renovations before lifting the mansion, which all needs to be paid out of pocket. That's going to get real expensive, real fast.
A Few Hundred Thousand Should Do The Trick
Due to the old age of the mansion, the seller is offering $10,000 to help with any needed renovations. That's a generous offer, at first glance, but when you think about all of the necessary repairs on top of the relocation, the cost is going to be astronomical.
The total effort is estimated to cost around $200,000, which is still less than what the mansion is worth, but it's still a great deal of money for most people to shell out.
The Other Costs Are Non-Negotiable
Not including the moving cost, the buyer will have to do lead paint and asbestos checks. Considering the age of the mansion, it is a very real concern.
Laurena White, a real estate agent for Prominent Properties Sotheby's International Realty, said, "In addition to moving it, the cost of any kind of repairs and renovation required that it be done to historic guidelines. That tends to be expensive." Whoever buys this home has got to be the world's biggest history buff!
How Does One Move A House? Very Carefully
Pretending there was no price involved and no renovations had to be made, how on earth do you even start moving a house of this size? There are definitely going to be some mailbox casualties, not to mention tree branches and limbs coming down.
As odd as it sounds, picking up and moving an entire house is not unheard of, and in some cases can be financially beneficial to the homeowners.
Relocating A Home Is Not As Uncommon As You Might Think
Here's an example of why someone would move a house. In 2007, Julie and Randy Olson of Brook Park, Minnesota uprooted their entire home after the value suddenly plummeted and they couldn't secure a loan to build a new one.
Luckily, one of their friends was selling their home for $1 (and we thought $10 was cheap!) to help a future wildlife reserve. The Olsons bought the property and had their Brook Park home moved for $22,000 -- a fraction of what the property is worth.
Relocating A House Could Be Financially Beneficial
If the Olsons' story is any indication, relocating a house is possible and can be financially beneficial if you go about it in a smart way. In some cases, it actually might be a sensible thing to do!
Not to mention that once it is relocated, you're not going to have to worry about those costs ever again. Maybe a fix here and there, but nothing like the initial cost of renovations and uprooting an entire home.
All Of This Could Be Yours!
Just think about it. If you have the money, you can own this gorgeous mansion valued at $1.35 million as well as a little piece of American history. And all of it at a startlingly low price.
Big picture: a beautiful home, great suburban location, a nice story to tell friends at any gathering, and a whole lot of room to entertain! All you need to do is skip buying a movie ticket every week!
The House Was Demolished
Unfortunately, due to the lack of buyers, the house was demolished in May of 2018. Because of the subdivision agreement, the historical society had no ground to stand on, and therefore they had no choice but to let the town take over the land.
Where the once-grand colonial-style mansion stood, there is now a more modern development consisting of eight single-family homes, called "The Collection." They did keep a bit of history there, renaming the road Lewis Court.
