If you’ve got a creative idea and $3.5 million, it’s yours.
Located near Pearland, a suburb of Houston, the 60,175 square foot mansion is breathtaking to behold. It sits on 15.65 acres of land, and while it’s unfinished, it’s designed to accommodate 55 bedrooms and 55 full baths.
“Located just 2 blocks off of SH 288 at CR 59 and Kirby Drive with easy access to downtown and Beltway 8,” the property description reads. “New Shadow Creek High School within 1 mile and existing elementary school 1 block over; surrounded by existing and new neighborhoods under construction…
So, what’s the catch? Simple: Most people have plenty ideas, but not enough money to put an offer on the property.
“Everybody has an idea for it, a ‘want’ for it,” said Mona Miller of the Christy Buck Team at RE/MAX Top Realty in Houston, to the Bay Area Citizen. “But most people don’t have the ability to purchase it.”
There are exceptions. One potential buyer signed a contract to purchase the project in October of 2015, but the following month, the nearby city of Manvel annexed the site. That prompted a zoning change, and the buyer dropped out.
“That contract was supposed to close in February, but the buyer decided he didn’t want to go through the zoning change,” Miller said.
The building’s initial builder abandoned it, according to Miller.
“Somebody decided the structure was too large, and they didn’t want to complete it,” she told ABC 13. “It’s definitely not your luxury mansion. It’s not built in that sense. It’s definitely built institutional-like.”
“Vandals unfortunately had broke in,” she added. “Pulled out electrical wiring. Pulled out AC duct work. Broken windows, damaged sheetrock. So a lot of it will probably be taking the property down to the studs and starting over.”
The property is listed on Loopnet.com as “special purpose,” sold “as is” with two tax IDs.
The city of Manvel has indicated a willingness to work with potential buyers, as officials are hopeful that a buyer will put the massive property to use. However, they’ve rejected plans for a simple apartment complex. Representatives at RE/MAX believe that the mansion would work well for institutional use.
“A rehab center or a nursing home, assisted living, a women’s shelter,” Miller suggested. “Something that we definitely think will put it to good use.”
The median list price per square foot in Houston is about $159, according to Zillow.com, and the Houston Metro’s list price averages around $116. By that estimate, this property could be worth $6 million, although appraisers often have difficulty gauging the exact value of special purpose properties.
“We used to get a hundred calls a month, but now it’s down to about 25,” Miller said. “I could probably show it 24-7 if I wanted to. I’ll be out there showing it and people will drive up and ask to do a walk-through.”
See more of the house in the video below: