Old mansion with 10 bedrooms in new York can be bought for $50 thousand – but there is a condition

Victorian mansion with 10 bedrooms, a total area of 6,000 square feet could be yours for as little as $50 thousand, but there is one catch: you need to make a proposal for the restoration of the historical building.

The majestic mansion was built in 1861 in Auburn (state of new York) in the region of the finger lakes, about 25 miles West of Syracuse.

The city of Auburn acquired the mortgaged property and the urban planning Department in partnership with the real estate agent Michael Derosa has developed a unique method of sale.

«This is not an auction, this is a competition,» said Derosa CNN.

Potential buyers had to indicate the intended purpose of the use of the property, the time and cost of the restoration project and the restoration plan, and all this was seen as part of their application.

Old mansion with 10 bedrooms in new York can be bought for $50 thousand – but there is a conditionPhoto: Michael DeRosa/Michael DeRosa Exchange, LLC

The city will consider proposals and vote for the winner. According to Michael Derose, the winner will be chosen after January 8, 2020.

«It’s not the buyer who offers the best price, and the buyer with the best purpose and plan for the restoration of the mansion that truly has historical significance,» said Michael Derosa.

This property once belonged to the banker of Auburn James Seymour, who was known for his charitable deeds. So, for example, he founded Samarskoy library (Seymour Library) and the Auburn city hospital (Auburn City Hospital).

The mansion is located on approximately an acre, there are three floors, five bathrooms and four fireplaces. Two-story guest house is also situated in the property.