A former Missouri state lawmaker purchased one of Jefferson City's grandest former residences - the Col. Darwin W. Marmaduke House at 700 E. Capitol Ave. - for the sum of $300,000 on Friday.
Jeff Schaeperkoetter, who served in the General Assembly between 1981 to 1992, purchased the house at a public auction after few people in the crowd expressed interest in it. About 30 people attended the auction to either watch the proceeding or contemplate making an offer.
Officially, the legal entity, "Oakbrook Properties LLC," purchased the building, Schaeperkoetter noted.
Also known as the Missouri State Penitentiary Warden's House, the building is named for the first prison warden to live in the home upon its completion in 1888. Marmaduke was the brother of Missouri Gov. John Sappington Marmaduke, who led troops into the Battle of Shiloh in 1862 and killed another Confederate general in a duel.
"It's a beautiful, old building that has been very carefully built, and very meticulously cared for, over its last 125 years," Schaeperkoetter said. "We hope to maintain it in the fashion it deserves, and that will make it attractive to other tenants."
Bill Gratz of Gratz Real Estate & Auctioneering handled the sale. Previously the asked-for price was $599,000. According to the Cole County Assessor's Office, the "market value" is $413,900 and the "assessed value" is $132,450.
On the day of the auction, the opening asked-for price was $450,000, but as no one stepped forward, Gratz gradually dropped it to $250,000 before bidders stepped up. Although a few people signaled their interest, no one aggressively bid for the property. After halting the proceedings momentarily to convene with the owner, Gratz returned and said: "The seller is disappointed, but the property is going to sell today."
Gratz deemed the property "sold" after no one topped Schaeperkoetter's bid.
Schaeperkoetter - who is listed as a new salesperson with Gratz Real Estate & Auctioneering - was accompanied by his wife, Jane, and son, Scott, who is the president of the Signature Homes construction company.
Schaeperkoetter said he doesn't have the construction skills to maintain the structure, but his son does. "That was a big part of it," he said.
The building isn't suited for a mixed use of residential and commercial, he said, so the plan is to keep the commercial use for now. He's not anticipating any immediate changes to the structure, he added.
"It's in really good shape," he said, noting the property also is accompanied by a permanent covenant intended to preserve the building's historic nature. "We're going to try to figure out ways to get people in the building."
The home is currently owned by the Capital Center LLC, a subset of attorneys affiliated with the law office of Andereck, Evans, Widger, Johnson and Lewis LLC, which is housed there. Rod Widger, the practice's managing member, acted as the seller. He said the firm purchased the building in 2000 from former Jefferson City resident Bob Hawkins III, who renovated the building.
Both Widger and Schaeperkoetter said it's possible the law office will continue to operate from the structure as tenants after the closing date on Dec. 17.
For Widger, the sale of the building was bittersweet because of the emotional attachments he has to the elegant home.
With only a few lawyers still in the Jefferson City office, operating the 8,800 square foot space was no longer practical, he said. "The face of the firm has changed over time," he said. "It served our purposes."
But he said: "We're happy it's going to be in very good hands. We're satisfied the Schaeperkoetters will keep it to the standards the community can be proud of."
After the auction concluded, a few in the crowd expressed chagrin that they didn't give the purchase greater thought, given the final price.
"I think it's a real bargain," said Harold McDowell. "I wish I'd put the pencil to it a little more."
Steve Veile, president of Historic City of Jefferson, said he's glad the property is in good hands.
"I'm not worried about it. Jeff Schaeperkoetter is a fine individual. I'm sure he'll take care of that property," Veile said.
But he did say he wished he'd bid on it.
"My heart sank when I realized what a bargain it is going to be for the buyer. He really got a good deal. That's the way goes," Veile added.