Thrill Of Owning A Mansion
Only a small amount of people will ever get to experience the thrill of owning a mansion. It's a nice idea to imagine ourselves having a basement home theater or a massive pool in the backyard.
With this fantasy in mind, how would you react if we told you that there was such a mansion listed on the market for a mere $10? It's a 111-year-old mansion in New Jersey and there is one catch.
The Metropolitan Area Is Not Cheap
Zillow listings state that the average price of homes in the New York metropolitan area is around $342,000. That kind of money is out of reach for a lot of New Yorkers.
So imagine just how many people came to the open house of a $10 mansion. Strangely after being on the market for a while, no one has decided to buy it. Can you guess the reason why?
The Property Is Located In Montclair, New Jersey
The area around the Mansion is great too. It's situated in Montclair, New Jersey, and looks perfect for a growing family. Nearby are schools, shops, country clubs, and restaurants.
The road that the mansion sits on is even called Pleasant Avenue, if that's not appealing we don't know what is! The property around the Mansion is covered by beautiful green grass in the summer.
Suburban Life With A Taste Of The City
This mansion is perfect if you want to get out of the big city. The Essex County township's population is only 37,669. And if you need to work in the big city then Manhatten is only 45 minutes by car.
With all of these pros, why wouldn't anyone want to buy this property at the earliest chance? Well among all the great things about this property there's one big catch.
First, A Little History Of The Mansion
The mansion was built by a famed architect named Dudley S. Van Antwerp in 1906. He only started his practice in 1900 and afterward built famous buildings such as the Montclair Wachtung Avenue Congregational Church and the Yacht Club on Long Island.
This mansion is truly special, it has a great history. So why would the realtors list the price of the mansion for such a small price?
The Colonial-Style House Is More Than Its Outward Appearance
The mansion is big on the inside at 4,000 square feet including three and a half baths for a big family and six bedrooms! This isn't including any amenities on the property, you'll never need more space than this.
With so many rooms the next owner could make them into anything that they want. We're thinking one of them can be converted into a library, every mansion needs a library!
Speaking Of Amenities...
Now that we've talked about the mansion, let's look at the grounds. The property is two-and-a-half acres which means there's plenty of space for anything you can imagine! Maybe a ferris wheel?
The grounds already feature a gazebo and a tennis court, and a carriage house. If that seems a bit outdated you can always turn the carriage house into a theater or game room!
The Real Cost Of The House
With all of these pros and not to mentions where it sits, you'd think the realtors would list the house for way more than $10. I mean, that's not even the price of a family meal at a fancy restaurant.
Now the price that the mansion should be is actually $1.35 million. That's a lot of money but looking at where it is and all that comes with it, it's a fair price for what you get.
The Mansion Holds Historical Significance
Now that we've spoken about the famed architect there's one other famous figure associate with the property. Aubrey Lewis, captain of the Notre Dame football team used to live in the mansion. He was one of the greatest football players in his day and even his old high school named their field house the Aubrey Lewis Sports Complex.
Unfortunately, even though Lewis was a great football player, he never pursued a professional career playing football. He instead went down a different path.
Aubrey Lewis Did Many Firsts
Aubrey Lewis was a first for a few things, he was the first African-American football captain and later he was part of the first training class to have African-Americans in the FBI.
After finishing his career he decided to come back to Montclair as it was his home and decided to settle down with his family. Sadly he passed away from heart complications in 2001. Just after his death, the BNE Real Estate Group bought the property and wanted to build more homes on the premises. But their plans were soon in shambles.
The Real Estate Agents Have A Plan Up Their Sleeves
When BNE Real Estate Group purchased the property, they made an agreement with Montclair's Historic Preservation Commission to preserve the estate, 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. You won't believe what the catch is.
It Looks Like There's A Good Reason People Aren't Buying
Wh at 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, the mansion can't actually be lived in where it currently rests in Montclair.
This means that whoever buys the mansion is also going to have to pay to move the entire thing to a different location. It now 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." We couldn't agree more!
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. What happens if the mansion doesn't sell?
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. Keep reading to find out how expensive!
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 renovations that need to be made throughout the property. 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.
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 are going to be falling down left and right.
As odd as it sounds, picking up and moving an entire house is not exactly unheard of, and in some cases can be financially beneficial to the homeowners.
Relocating A Home Is Not Unheard Of
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 have this gorgeous mansion valued at $1.35 million as well as a little piece of American history. All of it at a startlingly low price, nonetheless.
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! Unfortunately, you can go to that movie.