No takers for Durham mansion - 13 WTHR Indianapolis

No takers for Durham mansion

Updated:
GEIST, Ind. -

There were no takers for the Durham estate on Thursday, so the Geist mansion is now in the hands of JP Morgan Chase for $2.24 million.

The property formerly belonged to convicted felon Tim Durham. The former financier is in prison after taking hundreds of millions of dollars from investors.

On paper, Durham's estate looks like anyone's dream house. In reality, it's been a nightmare for realtors trying to sell it and a bank trying to recover its multi-million dollar mortgage.

A 22-room mansion, a snow-covered resort-sized pool and a garage bigger than most houses, all over looking Geist Reservoir. It's worth a small fortune, but apparently not the $5.5 million asking price.

"If they have that kind of money, they don't want somebody else's dream. They want their own dream," said Greg Cooper, Prudential Realty Group. "On paper, it does look spectacular."

A decade ago, Durham looked to be on top of the financial world, living a life of obvious opulence.

Vintage cars, museum quality artwork and expensive homes, until two years ago, when a federal court decided he paid for it all with other people's money.

Thousands of investors lost more than $200 million. Durham was sentenced to 50 years in prison.

Wednesday, movers were grabbing curtains and other things. When Cooper recently took a potential buyer inside, it looked run down, like squatters had moved in, rooms were inaccessible.

"The person said, 'If I can't see all the rooms, I'm not interested in buying the house," Cooper said.

Investors still struggling to recover their losses shouldn't get their hopes up. Investors only stood to benefit from the sheriff's sale if it raised more than the $4.5 million the bank is owed.

There were no acceptable offers even close to the asking price. Investors aren't likely to make any money from the upcoming auction.

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