No One Wants To Buy The Historic Hayes Mansion

From ELLE DECOR

Based on Trulia's latest survey on real estate regrets, you'd think homeowners would be jumping at the chance for more spacious digs. One in three said they wish they'd chosen a larger home.

But bigger isn't proving to be better in the case of a 33,000-square-foot historic estate in Silicon Valley known as Hayes Mansion.

Now a 214-room hotel and conference center owned by the city of San Jose, the property went up for sale in July. The city has since dropped the asking price to $36 million, reports Business Insider.

Despite its inability to attract buyers, Hayes Mansion, with its picturesque grounds and meticulously renovated Spanish Colonial Revival-style guest quarters, remains quite the architectural gem. Built in 1905, it was designed by architect George Page for the wealthy Hayes family, who made their fortune in the mining business and later became early publishers of the San Jose Mercury News.

The family lived in the mansion up until the 1950s, when they sold it. It then sat empty for many years, falling into a state of decay.

Enter the city of San Jose, who bought the property in the 1980s, and undertook a series of restoration projects meant to turn the sprawling estate into a hub for the booming tech industry in the area.

Hayes Mansion now boasts 214 guest rooms, 24 conference rooms, a day spa, pool and fitness center and two restaurants.

As the estate sits on the outskirts of Silicon Valley, it was not able to attract the attention city officials desired, reports Business Insider. And with a $47 million-deal to hotel developer Asha Companies falling through in July and nearly $60 million lost on upkeep, the city is desperate to find a new owner.

But all hope is not totally lost for Hayes Mansion. A humongous 46-bedroom Texas mansion, for instance, sat empty since 2001 before the owners tried to help turn it into a facility for veterans.

Perhaps there is a happy ending in store for Hayes Mansion, too. Keep scrolling for a look at the gorgeous property.

h/t: Business Insider

You Might Also Like

• 16 BEST OUTDOOR FURNITURE PIECES FOR SMALL SPACES

• 26 CEILING DESIGNS THAT MAKE THE MOST OF THE FIFTH WALL

• 50 KITCHEN STYLES FOR EVERY TYPE OF COOK