A Toledo Castle on the Market for $99,995

By Douglas A. McIntyre Updated Jan 13, 6:56AM EST · Published Jun 11, 9:05AM EDT

Follow 24/7 Wall St. on Google

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

A Toledo Castle on the Market for $99,995 — © Thinkstock

People who live in the Toledo, Ohio, area or plan to move there can buy the six-bedroom castle at 2272 Scottwood Ave. for $99,995. The drawbacks are that it is in the battered city of Toledo and that it has to be “fixed up” to the tune of several tens of thousands of dollars.

According to Realtor.com, the house was the most searched at its site last week. And people want to see the home in the flesh:

The listing agent told us a recent open house attracted more than 1,000 people over two days. He added that this mansion would be worth millions if it were in a major coastal metro—making it a savvy purchase for a buyer who doesn’t mind summering on the Maumee River.

[nativounit]

Listing agent Ben Howard told Realtor.com:

[T]he owners rescued the home from foreclosure a couple of years ago and have spent about $75,000 updating the home’s mechanicals, electrical, and plumbing. As he put it, “The boring stuff is done.”

Toledo has a population of 279,000. Like many industrial cities, it lost many of its residents. The city had a population of 384,000 in 1970. Its median household income was $32,000, according to the last Census, compared to a U.S. average of over $51,000.

Jeep was the city’s largest employer for years. The Fiat Chrysler brand has pulled many jobs out of Toledo recently. The city says 9.8% of its homes are vacant, a total of nearly 10,000.

The mansion is more expensive than other houses in its neighborhood and the city. The Old West End, where the house is located, has a median home price of $62,900. The median price for all cities in Toledo is $79,900.

[wallst_email_signup]

The listing:

Must see grand mansion of the OWE. Almost 6,000 square feet of finished space ready for a new owner. Huge grand staircase, ballroom sized living room, 6 bedrooms, 3.5 baths, finished billiard room in basement. New Pex plumbing, All new forced air ductwork with NEW AC and Furnaces, updated wiring, ready for the right person to finish the project.

The house was built in 1909. Too bad it’s in Toledo.

About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.