It seems that a couple of house flippers bought a New York castle back in 2005, thinking they could make a quick buck. (Actually, the plan was to live there for two years, make a million dollars and buy a brownstone.) It had worked for them before, the New York Times reports: Susan and Manfred Phemister "had been flipping real estate in zip-zip fashion since the mid-1990s, and had made a killing each time."
So in 2005, they picked up a 36,000-square-foot castle in Amsterdam, N.Y., for $800,000. (Click here or on either photo to go to a slideshow.)
Two years and $400,000 in renovations later, they put it on the market for $2 million.
And they haven't unloaded it yet.
The Phemister family includes three children, ages 12, 11 and 9, who have friends over to play dodge ball ... in the 10,000-square-foot gym.
The home, built in 1894 as a National Guard armory, is listed on the National Register of Historic Places. The Phemisters won a preservation award for their work on it. Each of their previous projects has likewise been "a historic renovation in a neighborhood in need, as opposed to a greedy flip," Susan Phemister told Yahoo! Homes through her agent.
The New York Times story -- headlined "Their Home Is a Castle, Like It or Not" -- contains many more details and pictures.
[Editor's note, 9:10 a.m. Pacific: It looks like the video we'd embedded earlier has been removed from YouTube. We'll put another one in if/when we get it, but in the meantime, have we mentioned the many-photo slideshow you can check out?]
- Real Estate