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.