Closings: Schools, churches, day-cares and businesses

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

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.
Data pix.

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.

Notice: you are using an outdated browser. Microsoft does not recommend using IE as your default browser. Some features on this website, like video and images, might not work properly. For the best experience, please upgrade your browser.