Deep in the heart of Florida sits a Neoclassical Greek Revival mansion known as the Money Pit. Built by a Georgia native, who made his fortune running naval stores and lumber. His business controlled much of the turpentine harvest at the turn of the century when citrus, turpentine, and lumber were Central Florida’s main industries. The house was completed in 1911 after a 3 year build at a cost of $25,000. The house was considered one of the most ornate mansions in the county and quickly became “the talk of the town.”
At 11,000 square feet the enormous mansion had plenty of room for the lumber tycoon’s wife and their seven kids. Ornate mahogany columns greeted guests in the foyer along with ornate plaster work throughout the downstairs. It is believed the entire house is built out of mahogany.
With the plaster removed you can get an idea of the craftsmanship that went in to building the Money Pit.
In 1924, the lumber tycoon and his family traded homes with the vice president of a local bank. The Money Pit was sold in the 1940s and converted into a funeral parlor. It remained a funeral home for about 20 years before being converted into a meeting hall. Soon after it was sold and turned into apartments.
The property went into foreclosure in 1990 and was in a state of disrepair. When no buyer could be found, the bank asked the city for a demolition permit. The house had been listed for $129,000. A couple offered the bank $90,000 and purchased the home in 1992, saving it from the wrecking ball. The house suffered from an extensive amount of termite damage and would require $225,000 or more in renovations.
The new owner estimated the restoration to take five years. A nonprofit organization was formed that would help to restore the house. A complete restoration would return the house to its original charm and allow opening it to the public as a historic showcase or wedding venue.
The new owner fell ill and asked the city to take over the restoration effort. The city felt it would be better served if a nonprofit organization specifically established for the house resumed the restoration. In 1995, a nonprofit was formed. This board was able to apply for and was awarded several grants through the State which allowed restoration to continue. Over time the board diminished and eventually a new board was gathered in 2005. This board was awarded several State grants but because of the 2008 recession no funds were allocated by the State that year or for the following three years. Now, almost 25 years since the restoration began, the house remained unfinished.