You Paid For It – O’Fallon overpays for historic home, underestimates rehab costs

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O’FALLON, Mo. – The City of O'Fallon in St Charles County made a big miscalculation when it purchased a vacant house only to later be forced to sell the residence for roughly one-sixth that amount.

City officials said the home had historical significance and plans were made to turn it into a museum. They purchased the home for $275,000, but got sticker shock when they learned the cost to rehab it.

Estimates ranged from a half-million to a million dollars.

The city twice tried to unload the home with no luck. Eventually, the city found someone willing to buy the home, but for the paltry sum of $45,000. The home has since been converted into a bridal shop.