Lynchburg, VA -The fate of one of Lynchburg's most well-known historical homes may soon be sealed. The house known as Villa Maria has only been on the market for about two weeks, but its realtor says folks are clamoring to own the piece of Hill City history.
The property was last bought in 2006 for $1.4 million. Now, it's listed for about $800,000. These days it is a little worse for wear, after being vacant for several years. It's in need of some major TLC, but we're told there are plenty of people willing to put in the hard work.
When admirers of Villa Maria heard about the home's latest asking price, they thought, "What a bargain." But a real history buff knows there's a lot more to this old home than the up-front cost.
"The purchase price is just the beginning. And that you need full pockets to do a full restoration," said Roger Garfield, Treasurer of Friends of Rivermont Historical Society.
If kept true to its historical roots, the 10,600 square foot Georgian-style mansion would need a kitchen, and plenty of upgrades. Despite its fixer-upper status, buyers are in a bidding war for the century-old home, and we could see a sale as soon as Friday.
"Given the architecture, the uniqueness, the structure, and simply the location, location, location, there's no surprise," said Robert Dawson, the broker for Villa Maria.
Rivermont residents are hoping there won't be many surprises when the sale is finalized either.
"I don't think people really in this neighborhood want to see it turned into condominiums or assisted living, you know, things like that," said Peggy McCall, the listing agent for Villa Maria.
Even though they are close to a deal on this property, you don't have to worry. The future of Villa Maria's history is looking pretty secure.
"Right now in the process, the property is only available to people that will use the property as their primary residence," said Dawson.
"We're all hoping that somebody's going to buy it and put it back to its splendor," said McCall.
The ten acre property also includes a carriage house and a small barn. However the old school directly behind the home is not part of this sale. McCall says it has been a concern for potential buyers, but not enough to turn them away.
If the home is not sold before Friday, the sale will be opened up to other investors who might not want to use Villa Maria as a residence.