It's tough to put a price on our state's history, but that's exactly what happened today in Rapid City at the auction of the former governor's mansion.
"We're having a really good turnout here, today. A lot of them are going to be curiosity seekers, which I really advise to people to come out to this place, see what it was, see what the heritage of our great state was," Sturgis Real Estate Auctioneer David Wilson said.
"It's a neat, old house, kind of dated, the history certainly has some value. The location, it would be a really neat place to live," potential bidder Todd Munyon said.
The mansion was reconstructed just outside of Rapid City in 2006 as an events center until it went into foreclosure. An appraisal estimated the value of the mansion and the 15-acres it sits on at more than $600-thousand, but that doesn't mean much at an auction.
"We have no idea. As we say in the auction business, we're not in the appraisal business, we're in the auction business, and I will tell you the value here in about an hour," Wilson said.
"It's hard to say. My wife and I have a bet going; she says it's going to be half a million, I don't think it's going to be quite that much sitting where it is, but I could be wrong. I've been wrong before," Munyon said.
The auction begins and the bidding stalls out at $400-thousand. A short recess is called to assess the situation.
"I'm not sure this house is sitting in the right location to be worth a super-high value, but that's what the auction is for and that's what we're going to be finding out here shortly," Munyon said.
When the sale comes to a close, the highest offer is just $410-thousand and people begin to disperse. It's not the result that many expected and it's up to the bank to decide whether or not it's an offer worth taking.
After the auction, the bank and the buyer did strike a deal. However, both the buyer and the purchase price are confidential.