The 114-year-old Goll Mansion, one of the last remaining historic mansions along Prospect Avenue on Milwaukee’s East Side, has been sold to an investment group.
East Bay Holdings LLC purchased the 9,000-square-foot mansion at 1550 N. Prospect Ave. from Association Bank for $835,000, according to Michael Seramur of Ogden & Company, the broker who handled the sale for the buyer and seller.
The registered agent for East Bay Holdings is Marian Nasgovitz of Shorewood, according to state records. Seramur declined to provide any information about the buyer.
“It’s purchased as an investment,” Seramur said. “Eventually something could be done there.”
The property was previously owned by New Land Enterprises LLP, which received Common Council approval in 2008 to build a 26-story, 35-unit condo tower that would be attached to the Goll Mansion. The project was controversial and opposed by some historic preservationists who said it would damage the historic integrity of the property and by some nearby condo residents who complained that the New Land tower would block their views.
However the downtown Milwaukee condo market collapsed during the Great Recession and New Land never moved forward with its plans for the Goll Mansion condo tower. Eventually the property was taken back from New Land by Associated Bank.
The mansion is in good condition and currently has three office tenants including Resolute Systems LLC, Craftsmen United Inc. and WebConduit Inc., Seramur said. However, Craftsmen United plans to move to another location, he said.
The Common Council’s rezoning approval for a residential tower on the property still stands, Seramur said.
“Something like (a residential tower on the property) could happen down the road,” he said. “I wouldn’t anticipate anytime soon.”