Family in danger of losing cave home to repo man
Filed under: Real Estate, Recession
Bad news for those of you who have threatened to abandon civilization and go live in a cave; even that might not be a safe haven from the mortgage meltdown. A cave dweller Missouri is in danger of losing his cave within 90 days to the repo man. Curt Sleeper of Festus, Missouri has listed his 17,000 square foot burrow on ebay. If you're interested in joining the subterranean life style, the home will set you back a cool $300 grand, as a starting bid.
The cave was originally a mine tunnel, then converted to a roller rink and music venue where the likes of Ike and Tina Turner and Ted Nugent played. Sleeper bought the cave on ebay in 2004.
He has since converted the cave into a three-chambered home. The outermost chamber is a three-bedroom home with a finished kitchen featuring a Jenn-air cook top, convection oven and granite countertops. The middle chamber contains a laundry room (the cave contains three natural springs and, after a heavy rain, as many as 14 waterfalls), storage and a dandy 80' x 80' meeting room.
The third, rearmost chamber still holds the stage used for musical performances. The 2.8 acre property is in the middle of town, but so heavily wooded that the owners can truthfully call it secluded.
At the time of this writing, the Sleepers have, amazingly, received no bids on their property, although the auction is being watched by 11,000 people so far.
He has since converted the cave into a three-chambered home. The outermost chamber is a three-bedroom home with a finished kitchen featuring a Jenn-air cook top, convection oven and granite countertops. The middle chamber contains a laundry room (the cave contains three natural springs and, after a heavy rain, as many as 14 waterfalls), storage and a dandy 80' x 80' meeting room.
The third, rearmost chamber still holds the stage used for musical performances. The 2.8 acre property is in the middle of town, but so heavily wooded that the owners can truthfully call it secluded.
At the time of this writing, the Sleepers have, amazingly, received no bids on their property, although the auction is being watched by 11,000 people so far.
Reader Comments (Page 1 of 1)
2-23-2009 @ 8:49PM
--=(XAITIAX)=-- said...
In the middle of town?!?!?! Is the town shaped like a doughnut?!?
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2-23-2009 @ 9:13PM
Z said...
Looks like an alien base. I would be freaked about possible cave-ins.
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2-23-2009 @ 9:43PM
Beezer said...
I think Fred Flintstone's house looks better, more comfy.
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2-25-2009 @ 9:12PM
Local Investor said...
I live 25 minutes away from the home outside of St Louis, and flipped when I saw the eBay auction and pictures of the home. I loved the idea of living in a 17,000 sq ft cave, and it looked like it was really nice.
My impression of the place today was much different. The grounds were in terrible condition, scrap metal, junk, broke rusted vehicles, and very poorly taken care of.
The home itself wasnt professionally built, but put together by Mr Sleeper and his freinds. It definately showed. The edges of the front of the home were sealed with liquid insulation and drooling down the front of the home.
Mr Sleeper didnt seem as humble as he was on the news spot. When I asked what he wanted to close on the home, he said his magic number would be $1 Million. This coming from a man that invested around 20% that amount, and is close to loosing everything.
His 17,000 sq ft home, is actually only 5,000 sq ft (so he says) unfinished, with the remaing 12,000 or so being just a tunnel traveling down the cave and unlivable.
A mortgage will never be acheived on the place, which is his real issue. The fact is, a home like this will never pass inspection with huge issues of humidity, and gases that the cave emmits.
Whomever is seriously considering this place, had better be ready to drop some major money on controlling all of the issues that come with a cave, before it can pass an inspection. Which from Mr Sleeper, also consists of a $50,000 cost to shock test the property. Not to mention the fact, that the new owner will need to be paying with cash.
I hope him the best, and that his family doesnt loose their home. But the reality is, he only needs $80,000 or so to keep it, and I'm not sure the property is worth that much.
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3-11-2009 @ 3:35PM
Ann said...
Local Investor, if one can't get a mortgage on the place, how did Mr. Sleeper buy it in the first place? I mean, some kind of debt must exist if he is about to lose his cave?
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3-12-2009 @ 11:29AM
Curt Sleeper said...
Local Investor,
This is the third blog he has bothered to post on. He showed up unanounced. He was not allowed in my home. He wanted to buy and lease back.... So he claimes. A common real estate scam. He also didn't like my three piles. Trash, Metal and Burn from me cleaning my house to get ready for film crews the next day.
The home was built with professionals. ( my friends ) plus consultation and review by paid profesionals. ( electricians, geologist and engineers. ) and inspected at every stage by the local Building Inspector. We are subject to the same building code used in Chicago, St. Louis, Kansas City...
there are no "Gases" being emitted by my home. Otherwise there would have been major issues when it was a concert venue from 1960 to 1985. I also would not put my children in danger.
Not only did I already have a mortgage but now I have my second one.
"Local Investor" ( a man looking in his mid 20's ) Was mad he could not steal my property, Didn't like my "Shut up and go away" price of 1 million. Likely didn't like being asked to leave.
The good news.
He left.
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