Local ‘luxury’ home sold for less than half its value

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WADSWORTH , Ohio (WJW) — A ‘luxury’ five-bedroom, three-car garage home in Wadsworth has sold for less than half of its value.

The house located at 561 Leeds Gate Lane went up for auction on April 10 after the owner passed away. Organizers said proceeds from the auction would benefit the owner’s foundation for charity.

According to the auditor’s website , the home was valued at $1,641,190. But Kiko Auction Results posted on the company’s website, show that the 7,000 square-foot house that sits on sits on 1.5 acres of land sold for just $814,000.

According to KIKO Auctioneers , the sale was an “absolute auction” meaning no minimum bid was required.

According to the auditor’s website , the property was previously owned by the Frank E. Murphy Trust. According to his obituary , Murphy died in 2022 at age 85. Murphy was a developer and entrepreneur who “felt a strong calling to give back to the community.”

The obituary states, “His legacy will continue with the Frank E. Murphy Foundation with an emphasis on student success and education.”

Public records don’t yet reflect who purchased the home.

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