A Frank Lloyd Wright-designed residence in Chicago that has been in a state of dilapidation faces an uncertain future after its ownership was transferred to a mortgage company following a failed foreclosure auction.
Artnet.com reports the Prairie style Walser House has been unoccupied and unmaintained since 2019, when the property’s last owner died. The property has been in foreclosure since 2023 and carries a reverse mortgage that is greater than the home’s value, which was appraised at $65,000.
A foreclosure was sale held on Dec. 1, but the minimum bid level of $240,000 was too high for local preservation groups that estimated it would cost over $2 million for restoration services. PHH Mortgage, which currently owns the property, has not stated what plans it has for the property.
However, the property cannot be allowed to collapse into complete ruin. As a landmarked site, it falls under Chicago law that prevents new construction on sites whose owners allowed demolition through neglect. Walser House is also listed on the National Register of Historic Places.
Among the property’s problems are rotting wood, cracked and failing exterior stucco, exposed structural elements, and a deteriorating roof and chimney. It also has a list of building code violations that need to be addressed – which is no surprise, considering the great architect designed the property in 1903.
Photo courtesy of Frank Lloyd Wright Building Conservancy
