LOUISVILLE, KY (WAVE) - The historic Drumanard Estate has been sold.
Five bids were made Thursday on the property. The one by Stephen Fox for $1.625 million was tentatively accepted, pending final approval from Kentucky Finance Secretary William Landrum.
The state purchased the 10,000 square foot Drumanard Estate for more than $8 million as part of the Ohio River Bridges Project. Crews had to tunnel under the historic home to build the East End Bridge.
"It's been very stressful," Peter McHugh, who has lived in the Shadow Wood subdivision for 12 years, said.
McHugh said the last three years have been some of the most aggravating. Construction on the east end tunnel brought hundreds of triaxles up and down his street.
"Anything that settles the dust and enhances the neighborhood, that is what we want," McHugh said.
After the project's completion, the state attempted to sell the Drumanard in 2016 but did not receive any bids.
"I do not think that is very good business," McHugh said. "They paid $8 million for the land and sold it for $1.6 million."
Mindy Peterson, a spokeswoman for the Ohio River Bridges Project Downtown Crossing, said the intent was to acquire the property and make progress on the tunnel and bridge, not to make a profit on the house.
"I think it showed fair market value, considering there are a lot of pros and cons, but I think the chips landed in the right place," Stephen Fox said.
Fox has experience with buildings on the historic registry. He will eventually call the Drumanard estate home.
Fox said some other ideas pitched for the property included a bed and breakfast and a cattle farm.
"There was so much talk about this property," Fox said. "It was tough to find someone to preserve it, but that's what I intend to do."
McHugh said he welcomes his new neighbor, but he is bitter about the deal the state made.
"They said they were going to pave the street after the project was finished, but they can't afford it now," McHugh said.