Elgin Mansion Sold For $1, What The ___?

This mansion in Elgin, IL sold for $1.

What the ____? How does that happen?

A couple scooped up this historic home that was built in the 1800's for just a buck.

Wow!

The Daily Herald shares that the David C. Cook mansion at 105 N. Gifford Street in Elgin, IL is now proudly owned by Sam and Ramona Jones of Lithonia, GA.

Ok. How does a a gigantic home with deep rooted ties in the community get sold for 4 quarters?

According to the Daily Herald, the Cook Mansion selling price was "set by its owner, Mutual of Omaha Bank".

Hmm? Why is the bank so willing to let this home go for such a dirt cheap price?

Apparently, the house will need at least $1.2 million dollars in restoring it back to it's former glory.

Ohhhhh.... now we know why.

Yowzers! That is a lot of cash to repair the place.

"The 12-room house in Elgin [built in 1885] was inhabited until 1945, when it was turned into a nursing home -- most recently Bowes Retirement Home, which closed in 2010. Several additions were built over the years."

At this time the Jones' haven't decided if they will knock down the additions or not. their  "plan is to tackle the project one room at a time."

Ramona said that "We're just going to take our time with doing things. It's such a big house, it doesn't make sense to try to start so many projects."

Well I get that. But Man! That seems like it's going to be a long and tedious project.

However, rehabbing homes isn't new to Sam or Ramona. They "have rehabbed two Georgia homes, an Italianate mansion and a midcentury modern home."

I wish theme well in this next adventure. AND...what an adventure it will be.

To see pictures of how the mansion looked before it was turned into a nursing home and then later sat vacant,click here.