Historic Mandalay Mansion for sale at $1.4 million - KWWL - Eastern Iowa Breaking News, Weather, Closings

Historic Mandalay Mansion for sale at $1.4 million

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(KWWL) -

A historic mansion in Eastern Iowa hits the market for $1.4 million. The Mandalay mansion sits on a two acre property at 1603 Mandalay Dr. in Cedar Falls.

The Mandalay mansion has been listed by Preservation Iowa, as one of the most endangered sites in 2017. 

The current owner, Alan Brase bought the home back in 1978. However, the history of the home goes further back.

The home was built in the 1920's by Edgar Litchfield. Brase says Litchfield was the Vice President of his family owned agriculture equipment manufacturing business and somewhat of a successful pioneer in the industry. 

"They did really well during World War One, that's why they had so much money to spend on this place," said Brase. "But the company and everything went broke by 1925, so that's why they just moved out, they couldn't afford to live here."

Brase bought the home from Russell Ferguson, who had acquired the home and turned it into Mandalay Club and Inn. Ferguson later sectioned the estate off into 12 apartments. 

In 1977, a fire that started in the basement tore through the entire home, leaving extensive damage to the roof. Brase bought the home in 1978, shortly after the fire and worked over time to repair the roof, which he says was a heft project on its own. 

Over the years, Brase hoped of renovating the home, but the process turned out to be more of a challenge than Brase expected. Since that time, he's occupied the house and as somewhat of a car enthusiast, has collected quite the number of car parts inside the home. 

The Mandalay mansion sits nestled high upon a hill overlooking the Cedar River and Look Out Park.

The home is very much a testament to history. The burnt remnants of the 1977 fire are still very much visible. 

Brase did work to restore a lot of the original features of the home, including the stone that sits on the sun room wall, that had been painted over by previous owners. 

The history of the house is practically etched and echoed everywhere. As you walk up the stairs, you can hear creaks and cracks, but the house is still standing strong. 

Unique finds from the original owners, like a bowling alley, a sculpture fountain, and crown molding in the bedrooms have been preserved. 

Realtor and listing agent Rick Brown of Oakridge realtors says the property has potential. 

"The ultimate buyer I think will be someone who is interested in the historic nature of the building, that also has a lot of money, because it needs a total renovation," said Brown. 

Although the home is listed for $1.4 million, the assessed value sits lower at $232,000. Since the home was listed a few days ago, Brown says it has generated quite the interest. He also mentioned he would like to see the property transformed into a winery. 

For more history on the home, visit Endangered: Mandalay Mansion, Cedar Falls

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