
Expect the home to be in far less than ideal condition, so whatever the winning bid, buyers will likely need additional resources to bring the home back to glory. Some Background: This house has been owned by the same family for more than 50 years. In 2005, owners took out a $500,000 home equity loan on the property. In 2008 the home was offered for sale at $779,000. The latest list price was $599,000 as recently as Sept 2010.