Historic Drumanard Estate up for sale at discounted price
State purchased home for $8.3 million, and the minimum bid is $3.5 million
LOUISVILLE, Ky. (WDRB) -- If you're in the market for a mansion, you may be able to buy one for less than market price. The state is selling an historic estate it acquired as part of the East End Bridges Project.
The Drumanard Estate is on the National Register of Historic Places, so it can't be bulldozed. It's the reason the approach to the East End Bridge goes underground, instead of plowing through Prospect.
Property Manager Juan Robinson gave WDRB News a tour of the estate, including the massive kitchen.
“You can bake, you can cook, you can entertain. It was an entertaining kitchen,” said Robinson.
Robinson knows just about every inch of this old house. It's been his job to make sure it’s repaired, maintained, and ready for auction.
“We had electricians come in, and make sure the electricity was correct. We had the HVAC guy come in to do some service. We had the plumbers come in to make sure everything was alright,” said Robinson. “The roof is sound, the brick is sound. It's got a solid foundation.”
The state bought the property in 2012 for just over $8 million.
The minimum auction price is $3.5 million, so the state will not get its money back.
But the Transportation Cabinet’s Project Manager Andy Barber says turning a profit was not the point.
“The property that we acquired is all part and parcel of the East End Crossing. Had we not bought this property when we did, we would probably still be here, no bridge in the river,” he said.
The main house is 10-thousand square feet and includes 6 bedrooms, 8 bathrooms and 9 fireplaces.
The entire estate is 50 acres.
The auction is by sealed bid, and Barber says restrictions on what the owner can do with the property drives down the sale price.
“It means keeping the house, particularly the exterior, in its like original condition, keeping the slate roof, not making changes to the grounds,” said Barber.
The Transportation Cabinet also has two other historic properties for sale as part of the $2 billion Bridges Project; the Rosewell Estate near Harrods Creek, and the Grocers Ice and Cold Storage building downtown.
Robinson says there is one important piece of information potential buyers need to know
“The tunnel is not under the home. It's on the property but not under the home.”
Robinson says he'll miss Drumanard when it's sold.
“I'm sure it will go to a good owner. Hopefully, they'll invite me to the Derby Party, I assume.”
There will be six open houses starting September 1.
To see more about Drumanard and the state's other historic properties for sale, click here.
Copyright 2016 WDRB Media. All rights reserved.