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Buckhead mansion on a budget


Mansions in Buckhead have become big news in recent years.

Remember the $2.2 million Buckhead mansion that Archbishop Wilton Gregory was forced to vacate in April 2014 after parishioners and Catholic leaders decided his occupancy was in poor taste?

Or the Buckhead mansion called "Rossdhu" that sold for $6.3 million a month later? That was half the asking price, but it was still the priciest residential sale in the city since 2011. There were a few other price reductions on Buckhead mansions in 2014, but lately the market seems to be taking a turn.

Related: 5 Georgia Homes to buy if you win the Powerball jackpot

Tyler Perry's $25 million mansion on Paces Ferry Road has been on the market since the summer.

That multi-million dollar price tag must have been a little more than Dexter King wanted to spend. The son of Martin Luther King Jr. and Coretta Scott King purchased a $1.8 million home on Peachtree Battle Avenue this month .

Related: The Glen and Danielle Rollins saga: A marriage, a mansion, a mess

Georgia has one of the highest concentrations of large homes under $1 million , according to data analyzed by Trulia,   but if that still doesn't bring a Buckhead mansion into your price range, here's one more option.

While it won't quite get you a mansion, you can get a piece of the real estate action by investing in a luxury home through crowdfunding.

Right now on Patch of Land, a peer-to-peer lending marketplace that launched in 2014 , you can get in on the purchase and renovation of a Buckhead mansion for as little as $5,000.

The 8 bedroom, 6 bathroom, 19,060 sq. ft. mansion at 3206 Arden Road was built in 1940. It was purchased for $2,300,000 in December 2015 and is being renovated by developers who specialize in restoring and reselling luxury properties in Atlanta.

Pony up at least $5,000, and as soon as your funds clear you will get a 12 percent return on the year-long loan. You won't own a mansion, but you can help restore one for someone else and make a little passive income in the process.


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About the Author

Nedra Rhone has been a features reporter with the AJC for 10 years. She’s written about everything from fashion to food to news.