Currently uninhabitable apartments sold for $800,000
SPRINGFIELD, Ill. (WRSP) —
A Springfield apartment complex, left empty for at least four years, was purchased for more than $800,000.
When the bank took over the Bally Vaughn apartment complex it had about 72 units.
Now it's uninhabitable after incomplete construction projects and thieves gutted much of it.
Its recent purchase shocked a lot of people who've been keeping tabs on it.
When the building went up for auction this summer there were at least 18 interested parties from across the country.
In July, Florida buyers bid about $800,000 for the property.
The Alderman who oversees the ward where the building is was surprised by the deal.
"I was amazed," said Kris Theilen. "I honestly thought it would at best go for $350,000, $400,000 from what all the other bidders had told me when they were calling because of the amount of money people were saying they were going to have to invest in it in order to bring the buildings up to code."
We reached out to the people who bought the apartments and have not yet heard back.
Theilen says this is overall great news for his ward because it's one of the biggest investments in years.
The Alderman says the building will require more than a million dollars in additional investments.