MOLINE, Illinois -
Plans to renovate a Moline landmark are about to take another twist. That's as the former home to the founder of Deere & Company goes on the auction block. It will be part of a sheriff's sale in Rock Island on Tuesday.
John Deere, himself, lived in the house during the 1880's. But with renovations now on hold, it's available to the highest bidder.
The once-glorious 19th century mansion will be sold off as part of a foreclosure.
"I think somewhat physically it's taken a toll," said Cheryle Colmark, who along with husband Roger bought the property for $100 back in 1996. "Emotionally, very much so."
But their dream of creating an elegant bed and breakfast became more like a nightmare, sinking more than $2 million into the project. Foreclosure brought everything to a standstill in June 2009.
"Have somebody buy it," she said. "Finish it. Open it up to the public."
After decades of disrepair, the Colmarks needed less than a year to finish renovations. But numerous delays, legal battles and financial problems curtailed the completion.
A Moline official says there's at least one potential buyer out there. But if that doesn't work out, the property will likely go back to the bank.
Sauk Valley Bank holds the mortgages on Deere's mansion and the building next door that once belonged to Deere's grand daughter. Hope now for a postive outcome with Moline.
"They have a desire for the ultimate restoration and use of those properties," said Dirk Meminger, president and CEO of Sauk Valley Bank. "I guess we would try to partner with them and see that come about."
No word on the asking price, but it is seen as a critical step to saving the landmark home.
While Moline has no plans to buy the properties, it is eager to someone complete the renovations and capitalize on the connection to John Deere.
"Down the hill, John Deere Commons had more than 200,000 visitors in 2008," said Patrick Burke, Moline's economic development manager. "It's on the same street as the Butterworth Center and the Deere-Wiman House. There's just a natural connection to it."
John Deere, himself, lived in the house during the 1880's. But with renovations now on hold, it's available to the highest bidder.
The once-glorious 19th century mansion will be sold off as part of a foreclosure.
"I think somewhat physically it's taken a toll," said Cheryle Colmark, who along with husband Roger bought the property for $100 back in 1996. "Emotionally, very much so."
But their dream of creating an elegant bed and breakfast became more like a nightmare, sinking more than $2 million into the project. Foreclosure brought everything to a standstill in June 2009.
"Have somebody buy it," she said. "Finish it. Open it up to the public."
After decades of disrepair, the Colmarks needed less than a year to finish renovations. But numerous delays, legal battles and financial problems curtailed the completion.
A Moline official says there's at least one potential buyer out there. But if that doesn't work out, the property will likely go back to the bank.
Sauk Valley Bank holds the mortgages on Deere's mansion and the building next door that once belonged to Deere's grand daughter. Hope now for a postive outcome with Moline.
"They have a desire for the ultimate restoration and use of those properties," said Dirk Meminger, president and CEO of Sauk Valley Bank. "I guess we would try to partner with them and see that come about."
No word on the asking price, but it is seen as a critical step to saving the landmark home.
While Moline has no plans to buy the properties, it is eager to someone complete the renovations and capitalize on the connection to John Deere.
"Down the hill, John Deere Commons had more than 200,000 visitors in 2008," said Patrick Burke, Moline's economic development manager. "It's on the same street as the Butterworth Center and the Deere-Wiman House. There's just a natural connection to it."
