WTHR |Hilbert mansion asking price slashed

Hilbert mansion asking price slashed

Hamilton County - The estate that once belonged to former Conseco CEO Stephen Hilbert has slashed millions off of the price of the Hilbert mansion.

Conseco founder Steve Hilbert turned over the keys and personal possessions in his Carmel estate in the midst of a tangled lawsuit with his former company. That was over four years ago. The house was quickly put up for sale by Conseco for $25 million.

"Since then we've dropped it to $20 million, $15 million and now we've reduced it to under $10 million. $9.9 million. It's time to sell," said Dick Richwine, Real Estate company president.

Richwine's real estate company has shown the home 35 to 40 times over the last four years with four people signing contracts only to back out at the last minute, the latest in July. The 15-year-old French Chateau style home boasts 55,000 square feet under roof and a sports complex on over 40 acres.

Hilbert built the home for $35 million. Not long after Conseco took it over, the real estate market tanked. Whoever buys the home at the current price will get it for 30 cents on the dollar.

Real estate experts say the price reduction is a reflection of the current market. Buyers are downsizing and the economy hasn't helped. At $9.9 million, Conseco is doing what owners in the high end real estate market are almost forced to do.

"They looked at the data we provided them and they made the decision, hey, we don't want to be homeowners of this property forever. Tell us what to do to get it done," said Greg Cooper, real estate broker.

Four people shied away from buying the estate at the last minute. The hope is that at least one will return after a $5 million price cut.

"As magnificent as this property is and especially where we've priced it now, we feel we will get a buyer soon," said Richwine.

After four years on the market, soon couldn't be soon enough to sell one of the state's premier homes.

Real estate experts say that four years on the market is almost unheard of. At $9.9 million, that's $25 million dollars less that what it cost to build the home. Conseco thinks it'll have a buyer now.