IRS Auctions Off Colorado Castle
Redstone Castle Seized During Fraud Investigation
POSTED: 6:56 am MST February 11, 2005
UPDATED: 7:11 am MST February 11, 2005
Have $20 million? You could be the owner of a Colorado castle.
The historic Redstone Castle on the Western slope will be auctioned off next month in an online Internal Revenue Service auction to help recoup losses in Colorado's largest-ever fraud recovery case.
Bidders will need a check for $100,000 just to get into the March 19 auction.The castle was built in 1897 and features 15 bedrooms, a library, maid's room, nursery, wine cellar, elevator and even a walk-in vault.IRS spokesman John Harrison said it'll be the first IRS auction of its kind in Colorado.The castle was built by steel and coal baron John Cleveland Osgood, and was later a hotel. The IRS seized the property in 2003 in connection with an investment scam that provided money for the castle purchase.Overall, the IRS hopes to recoup about half of the $56 million taken in the scam.The castle is listed on both the state and national registers of historic places.More Information:
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Previous Story:
- March 16, 2004: NASCAR Vehicles Seized In $56 Million Fraud Case
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