In the lush suburbs of southwest Portland, a grandiose structure stands as a testament to both ambition and the harsh realities of economic downturns. Known colloquially as the ‘zombie mansion,’ this sprawling edifice has hit the market with a staggering asking price of $1.3 million, despite its unfinished state and years of neglect.
The mansion’s story began in 2006 when developer Bill Nuess embarked on a project driven by a vision to create a family haven that could eventually serve as an elderly care facility. With a group of 17 investors backing the construction, the future seemed promising. However, the 2008 Great Recession brought a funding freeze, halting progress and leaving the property in limbo.
A fixer-upper! Portland 'Zombie' mansion, once home to squatters and vandals hits market for $1.3M – despite having been unfinished and abandoned since 2008 https://t.co/nnqrJYs3Ap pic.twitter.com/UI1OD68ojE
— Daily Mail Online (@MailOnline) December 29, 2023
Nuess’s untimely death in 2016 left the mansion abandoned, a ‘fixer-upper’ in real estate parlance. The property, which has since been a canvas for vandals and a shelter for squatters, presents a stark contrast to the luxury homes that pepper the surrounding neighborhood. It is a physical reminder of the fragility of even the most well-intentioned plans when faced with economic instability.
Despite its dilapidated condition, the mansion’s listing price reflects a bold gamble in the current housing market. Real estate broker Eric Squires acknowledges the risk but sees significant potential in the property. “The bones are good,” he asserts, suggesting that once restored, the mansion could fetch between $3 to $6 million, a figure that would vindicate the current asking price.
A fixer-upper! Portland 'Zombie' mansion, once home to squatters and vandals hits market for $1.3M – despite having been unfinished and abandoned since 2008 https://t.co/OfVcdWkIcz
— World News (@worldnewstweet_) December 29, 2023
The property’s sale is not just a transaction but a symbol of opportunity and the enduring American spirit of enterprise. A savvy investor, recognizing the mansion’s latent value, has cleared legal hurdles and is now offering the chance for someone to write a new chapter in the building’s history. This investor’s willingness to finance a loan with a 50 percent down payment further sweetens the deal.
Critics may view the mansion’s price tag as a symptom of a housing market gone awry, where even the most decrepit properties command exorbitant sums. However, proponents see it as a beacon of potential, a diamond in the rough waiting for the right touch to shine once more.
The ‘zombie mansion’ stands as a challenge to the enterprising spirit, beckoning those who are willing to take on the task of transformation. It is a project that requires vision, determination, and a deep belief in the value of restoration—not just of buildings, but of dreams deferred by unforeseen economic strife.
As the mansion awaits its fate, it serves as a conversation piece among locals and a curiosity for potential buyers. Its ultimate sale will not only determine its own future but also reflect the state of a housing market that continues to surprise and confound in equal measure.
