Many people dream of owning a lavish home, only for their budget not to support that dream. However, that doesn’t mean it isn’t possible to get your hands on a stately manor. You may be able to find one of the surprising number of abandoned mansions for sale, some of which are available for pennies on the dollar. Here’s where you can find some of them.
4 States with Abandoned Mansions for Sale
1. New York
New York is actually home to a massive mansion that’s been sitting empty for around 70 years, the Carleton Island Villa. It’s located on Cape Vincent, one of New York’s islands, and was originally constructed in 1895.
Now, this villa is a shell of its former self. But, if you are willing to put in the substantial amount of work it would take to whip into shape, it might an intriguing project. The property is currently for sale, listed at $495,000.
If you’re looking for something cheaper, the James Seymor Mansion in Auburn could be a suitable alternative. It’s a Civil War-era structure currently on the market for $50,000. It’s owned by the city, and has been largely vacant. However, it does have restoration potential, making it worth considering for someone who could bring it back to its former glory.
A property that’s mainly sat empty over the past decade, Neverland Ranch, the former home of Michael Jackson, has bounced on and off the market. In the last listing, the price was set at $31 million, a far cry from the previous listings closer to the $100 million mark.
The property itself is actually in good repair. However, the reputation surrounding the late singer likely hindered its sale. While the listing technically expired, one could guess that the current owners would likely listen to an offer if someone wanted to move forward with a purchase.
A 25,000-square foot abandoned mansion near Gresham hit the market in early 2020. It hasn’t had occupants in several decades, and the property has certainly fallen into disrepair. However, that doesn’t mean buyers shouldn’t expect to shell out a bundle. The surrounding acreage is valuable, and the current owners decided to list at $2 million.
If you’re looking for an older property with an eclectic style, the Romweber House in Batesville, Indiana, might be right up your alley. The 6,000-square-foot property certainly needs repairs, but still has many charming original features.
The property has been vacant for a time and is currently banked owned. However, it hasn’t been empty as long as some other abandoned mansions for sale, so it may be more intact than some alternative properties.
Do Other States Have Abandoned Mansions for Sale
Yes, other states have abandoned mansions for sale. In fact, there’s a decent chance that every state has something on the market.
But tracking down the properties can be tricky. You may have to search several local real estate company websites, dive into sites that are dedicated to historic properties, peruse area auction listings, review bank-owned property lists, and more to find them all.
If you want to initiate a search, make sure your criteria will narrow down your results. Typically, a property has to reach at least 5,000-square-feet to fall into the mansion category, so that may help you find the right kinds of homes. Terms like “fixer-upper” or descriptions indicated it would be ideal for a restoration could suggest that the property is vacant, so you may wish to concentrate on those properties.
Ultimately, there isn’t a centralized list of abandoned mansions for sale. You’ll have to do some legwork if you want to find your perfect match.
What to Consider Before Tracking Down Abandoned Mansions for Sale
It’s important to understand that abandoned properties aren’t the easiest things to buy. There can be issues regarding who has the right to sell the home, for one. The chance that there are title issues, back taxes owed, or similar potential problems may also be higher.
Plus, abandoned mansions are typically in disrepair. Their condition may be highly questionable, genuinely unsafe, or completely unsalvageable. As with all properties, it’s wise to get a thorough inspection. Additionally, researching the mansion’s background is wise, giving you a chance to identify possible troubles before you take them on by making a purchase.
Would you ever think about snagging one of the abandoned mansions for sale? Why or why not? Share your thoughts in the comments below.
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Tamila McDonald has worked as a Financial Advisor for the military for past 13 years. She has taught Personal Financial classes on every subject from credit, to life insurance, as well as all other aspects of financial management. Mrs. McDonald is an AFCPE Accredited Financial Counselor and has helped her clients to meet their short-term and long-term financial goals.