The Duggar family has officially slashed the price on their million-dollar mansion rehab. The family, known for their real estate prowess, gobbled up the property when it was in serious disrepair, and spent years renovating the 10,000 square foot space. They put the home on the market in May 2019 for a staggering $1.8 million, but they haven’t gotten any nibbles just yet.
How did the Duggar family get their hands on the enormous property?
According to USA Today, Jim Bob and Michelle Duggar purchased the property in a bank deal for $360,000. Along with the 10,000 square foot home, known as the Baylor mansion, they also gained ownership of another property. Both properties were owned by the bank.
IHeartRadio alleges the home was purchased by the famous, supersized family in 2014. They have apparently spent years renovating it, sinking in hundreds of thousands of dollars into the property. Now, it’s finally done. The house, which was first constructed in 1969, is modeled after Frank Lloyd Wright’s famous “round house.”
The house sits on 2.73 acres of property and has four bedrooms and five and a half bathrooms. It also features a massive patio and a 3,500 square foot garage, according to its listing. The Duggar family updated the kitchen, repaired the elevator, and opened the floor plan to better accommodate the modern family.
Why are the Duggars having such a hard time selling the Baylor Mansion?
According to Zillow, Springdale, the Arkansas town in which the mansion is located, is experiencing something of a buying boom. The area is considered “very hot” in terms of the market, but the Duggar’s mansion continues to languish. The reason for that is simple, though. The expansive property is listed at a pretty hefty price tag for the area.
The median listing price of a home in the area is just $228,500. The Duggar family originally listed the mansion for $1.8 million but have since slashed the price significantly. Still, it’s going to take a special kind of buyer to take on the property.
The Duggar family slashed the price of the massive property in recent weeks
After holding onto the home for nearly five years, the Duggars listed the house in May 2019 for $1.8 million. With no buyers in sight, they’ve decided to drop the price to $1.45 million.
The lowered price should still be able to garner the family a hefty profit. While they’ve invested a ton of money into updating the property, they did get the mansion for a steal, making it easier to turn a profit.
Jim Bob and Michelle have been dabbling in real estate for decades, and now several of the younger Duggars have also gotten involved. Jason Duggar, for example, recently sold his first flipped property for a hefty profit.