Mahomet mansion once listed for $14.9 million can now be yours for $1.9 million

Mahomet mansion once listed for $14.9 million can now be yours for $1.9 million


MAHOMET — The 16,000-square-foot Hidden River mansion, once listed for $14.9 million, is now for sale with an asking price of $1.9 million.

That’s just for the mansion and 15 acres, rather than the 200-acre lot, but still, “We think the price it’s at is pretty much a steal,” said Shawn Tabeling, managing partner at Tabeling Development Co.

A log guest house and what’s known as the Morton building are also not included.

Tabeling is in the process of buying the 200-acre lot and plans to divide it into 5- to 10-acre lots.

“We’re in the due-diligence period right now,” Tabeling said. “We’re just selling off the house, and then once we close, we’ll be selling off the lots as well.”

He expects homes will be built on most of the lots, though one is 64 acres and mostly woods.

“That might just be used for recreation,” he said.

For the smaller lots, he said, “We anticipate selling those for $25,000 per acre.”

“When you break it up, there’s more value to it overall than as one parcel,” Tabeling said.

Each of the lots will need to be accessible by a municipal drive, Tabeling said, so he’s also in talks with the county to convert the private road in the development to a public one.

“It’s in really good shape. They took really good care of it,” Tabeling said. “There’s some minor things on the exterior that could be spruced up, but the interiors are in great shape.”

The mansion was built in the early 2000s for software developer Bruce Artwick, a University of Illinois graduate and creator of the first consumer flight simulator software that eventually became Microsoft Flight Simulator.

While he owned it, the estate was once listed for $14.9 million and later for $6.9 million.

Artwick owned it until 2015, when it was sold at auction for $4,000,005.

UI grad’s mansion can be yours for at least $850,000

It was never clear who bought the property, as it was sold to a trust.

“That was by design, and I’m not allowed to say. They want their privacy,” Tabeling said.

Use of trust in mansion purchase conceals buyer

“They had hosted weddings there and had an Airbnb for a bit, but I think their plans just changed,” Tabeling said, adding that the owners weren’t living there but did live in the area.

Tabeling didn’t want to disclose how much they’re purchasing the 200-acre lot for, but said it will be below the 2015 auction price.

He expects the sale to close in about 45 days.

And he’s optimistic about selling the mansion.

“Everything is top of the line. It’s a very unique property,” he said. “Once you take a tour, it’s hard not to want it.”

It includes five bedrooms, seven-and-a-half bathrooms, a floor-to-ceiling stone fireplace, a five-car garage, a sauna, indoor hot tub and plunging pool.



Close

The front at the home of Bruce Artwick in Mahomet Friday May 15, 2015.

The front at the home of Bruce Artwick in Mahomet Friday May 15, 2015.

The front at the home of Bruce Artwick in Mahomet Friday May 15, 2015.


Read the Original Article Here


Amazon Luxury Jewelry Shop


Close Menu