Redstone Castle will be auctioned on October 7th with a starting price of $2M.

The historic Redstone Castle south of Glenwood Springs will be auctioned for the second time in the last 11 years.


The IRS first auctioned it in 2005 to return funds to about 1,000 victims of an investment scam to recover part of their $56 million.

In 2008, Denver-based Norman Schmidt, was sentenced to 330 years in prison for promising investors returns ranging from 2 percent to 400 percent per month. Instead, the money was used to buy the Redstone Castle and eight NASCAR race cars.

Construction started in 1897 and finished in 1902 with 42-rooms, 24 bedrooms and 19 bathrooms.

Listed on the National Register of Historic Places since 1971, the mansion even hosted Theodore Roosevelt and John D. Rockefeller.

Last year, the 23,000-square-foot mansion, surrounded by about 150 acres, was listed for $7.5 million but did not sell.