LAS VEGAS (KSNV MyNews3.com) — After several years of sitting vacant, the dilapidated Liberace Mansion near UNLV has a new owner and will soon be restored to its original state.
Liberace lived in the two-bedroom, 10-bathroom house from 1974 until his death in 1987. Since then, the property has had multiple owners and was seized through foreclosure in 2010.
Surrounding homes, which are smaller and worth much less, dragged down the value of the house.
Martyn Ravenhill, a businessman from Britain, was doing some research online when he discovered the mansion was for sale.
Ravenhill says one of the reasons he got such a good deal on the house is because of the poor condition it is in.
He says he's going to spend more money to restore it than it cost him to buy the property.
Ravenhill adds that he sees the historic value in the home and does not want to see it torn down, choosing instead to return it to its original state.