The historic Cave Hill Estate was sold to the highest bidder at a foreclosure auction in Fayette County Monday.
The home in addition to the 17 acres it sits on sold for $800,000. The winning bid came from the private lender that actually holds the home's mortgage.
Logan Asset Backed Fund purchased the home in hopes of protecting its interest in the property. An attorney for the fund was on hand in the Fayette County Circuit Court during the auction.
Eric Case says his client is happy to take possession of the property which is in desperate need of repair and clean-up.
Bruce Fein and his wife Mattie purchased Cave Hill back in 2006. They borrowed more than $1.3 million from Logan Asset Backed Fund. However, Case says the Fein's defaulted on their mortgage. The property then fell into foreclosure.
The once regal estate was formerly owned by John Y. Brown Jr. who is a former governor of Kentucky. Brown used the home as a temporary governor's mansion when the governor's mansion in Frankfort was condemned during his time in office. Brown built a helicopter pad at Cave Hill so that he could commute between Lexington and the state capitol.
The home currently sits vacant and is in need of repairs inside and out. The landscaping is overgrown, windows are broken, ceilings are crumbling, and numerous fallen trees and branches litter the property. Its current appraised value is $1.2 million.
Case says his client intends to sell the property and has had many people calling with an interest in buying it. No word yet on when it will be put back on the market.
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