Former Bank Bought for $28,000 Turned Into an Unusual Home
The couple who purchased the old bank building, which had been vacant for about a decade, chose to incorporate its history into their new home rather than completely altering it. By preserving the bank vaults and historical details, they transformed the building into an unconventional living space that retained its former identity.
The bank, which had been vacant for a decade, was purchased in 2013.
Constructed in Detroit in 1925, the bank building remained vacant for nearly a decade after its closure. Its windows were sealed off during a period when it was used for illicit entertainment, rendering the majority of its interior unusable.
Lynne and Michael Savino purchased the building in 2013 during a real estate sale. While the recorded sale price for the former bank alone appears as $28,470, a different amount is reported for the total package that also includes the adjacent structure.
The old bank vaults have been transformed into the most striking rooms of the house.
The initial phase of the renovation took approximately nine months. Michael Savino, who was dealing with the concrete work, took on the majority of the structural tasks, while Lynne Savino meticulously cleaned the copper entrance section covered in purple paint and the wooden doors one by one.
The building's towering ceilings reaching 5.5 meters, arched windows, terrazzo floors, and marble details were preserved. The large bank vault on the main floor was transformed into a lounge, while the old rental safe area in the basement was converted into a wine cellar.
The sales price also includes the neighboring building and plot of land.
The current listing price of 1.1 million dollars is not just for the old bank house. The sales package, approximately 455 square meters in size, also includes the neighboring structure, which was once used as a bar, and the plot of land between the two buildings.
The adjacent structure, rented out for short-term purposes, generates an income exceeding 40,000 dollars annually. Consequently, the price in the listing should not be viewed solely as the value attained by the bank building, which was purchased for 28,000 dollars.
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