James Seymour Victorian mansion being bought for $50,000

(CNN) – A 10,000-square-foot Victorian 10-bedroom mansion may have been yours for simply $ 50,000, however there was an issue: to be able to be thought of, you needed to put collectively a restoration proposal for the historic property.

The property has 10 bedrooms.

The property has 10 bedrooms.

Michael DeRosa / Michael DeRosa Alternate, LLC

Town of Auburn bought the foreclosed property and the town planning division teamed up with actual property agent Michael DeRosa to invent the distinctive promoting methodology.

"This isn't an public sale, it's a contest," DeRosa advised CNN.

Potential consumers needed to declare the meant use of the property, the timing and prices of the restoration undertaking and the restoration plan to be thought of a part of their software.
The winner will be chosen by a city vote.

The winner can be chosen by a metropolis vote.

Michael DeRosa / Michael DeRosa Alternate, LLC

Functions shut on December 18 and the town will evaluate the affords and vote for a winner. The winner can be chosen after January 8, mentioned DeRosa.

"It's not a lot the customer who affords one of the best value that's necessary right here, nevertheless it's the customer with one of the best meant use and plans to revive this constructing that actually issues," mentioned DeRosa.

The property includes a two-story carriage house.

The property features a two-story carriage home.

Michael DeRosa / Michael DeRosa Alternate, LLC

The property as soon as belonged to Auburn banker James Seymour, who was identified for his philanthropic endeavors. He based the Seymour Library and Auburn Metropolis Hospital.

The mansion is positioned on roughly one acre of land and has three flooring, 5 loos and 4 fireplaces. A two-story carriage property can also be on the property.

CNN's Melissa Grey contributed to this report.

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