Historic Elgin Mansion Sells For $1

ELGIN, IL -- A Georgia couple bought a historic Elgin mansion for just $1 last week. The David C. Cook mansion at 105 N. Gifford Street, which most recently served as a nursing home, was built in 1945. The 12-room home has sat empty for eight years.

The buyers of the home, Ramona Jones, and her husband, Sam, have rehabbed two Georgia homes, an Italianate mansion and a mid-century modern home, and are excited to take on their new project in Elgin, according to the Daily Herald. The couple closed on the home, which had a listed sale price of $1 by its owner, Mutual of Omaha Bank, on Friday.

The $1 price tag was obviously a selling point, but the downside was the estimated $1.2 million it would cost to rehab the single-family residence, according to the Daily Herald. But the Georgia couple is excited to take the project on. Ramona Jones is handy and experienced with interior decorating while Sam is a handyman. Ramona's father is builder, according to the newspaper.

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"Everything has been boarded up for so long," she told the Daily Herald. "I'm excited to get there and start working and unveiling and see what's what."

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