A 6,000-square-foot, 10-bedroom Victorian mansion could have been yours for only $ 50,000, but there was a problem: a restoration proposal had to be put in place for the historic property to be considered.
Built in 1861, the mansion is in Auburn, New York, in the Finger Lakes region, about 40 kilometers west of Syracuse.
Auburn purchased the foreclosed property and the City Planning Department partnered with real estate agent Michael DeRosa to create the unique selling method.
"This is not an auction, it's a contest," DeRosa told CNN.
Prospective buyers had to state the intended use of the property, the timing and cost of the restoration project, and the restoration plan to be considered. as part of your application.
Submissions closed on December 18 and the city will review the offers and vote for a winner. The winner will be chosen after January 8, DeRosa said.
"It's not so much the buyer that offers the best price that matters here, it's the buyer with the best intended use and plans to restore this mansion that really matters," said DeRosa.
The property belonged to banker Auburn James Seymour, known for his philanthropic efforts. He founded the Seymour Library and Auburn City Hospital.
The mansion sits on approximately one hectare of land and has three floors, five bathrooms and four fireplaces. A two story carriage house is also on the property.