CastlePost, the castle on U.S. 60 in Woodford County, has found a potential buyer but the sale is not final, said Bill Moore, a Versailles attorney familiar with contract negotiations.
The Lexington-Bluegrass Association of Realtors’ online listing indicates a “sale pending” for the 50-acre property east of Versailles near the Fayette County line. Moore said Wednesday a contract on the pending sale was signed late last week.
Moore, who has represented owner Tom Post on various legal matters, said he could not divulge the identity of the prospective buyers, nor could he state their offer. The listed price was $15 million; the initial asking price was $30 million when the property was first advertised for sale in 2010.
The buyers will now do their “due diligence” to investigate the property. If the sale goes through, it probably won’t be final for a couple of months, Moore said. He said the buyers want to continue to use the property as it is now, which is a tourist inn, a kind of luxury bed-and-breakfast in the heart of Bluegrass horse country. Moore isn’t sure if the prospective buyers are from Central Kentucky or out-of-state.
Post, a Miami lawyer, wants customers to know that any weddings scheduled to be held at CastlePost will go on as planned, Moore said.
The castle property was initially advertised for sale on the Internet in September 2010 at the start of the Alltech FEI World Equestrian Games.
The ad described the property as “Kentucky’s premier luxury tourist inn” near Keeneland and Blue Grass Airport.
Last year Bloomberg News did a story on castles for sale in the United States, and one of the three properties mentioned was CastlePost.
The online article described the castle as “boutique hotel billing itself as the ‘Crown Jewel of the Bluegrass’ with rates from $195 to $420 a night. The 50.5 acres include tennis and basketball courts, along with a library, billiards room, game room, card room and a banquet hall modeled after the real Versailles.”
It has 16 bedrooms and 17 bathrooms.
The Woodford County Property Valuation Administrator’s Office lists the castle’s assessed value at $4 million. Its 2016 property tax bill was $33,353.25.
The castle has been a Central Kentucky curiosity for more than 40 years.
Lexington contractor Rex Martin Sr. started building the castle in 1969, but it sat unfinished and empty for decades.
Then Post, a graduate of Lexington’s Lafayette High School and the University of Kentucky, bought it for $1.8 million in 2003. While it was being restored, a May 2004 fire burned the house. But Post rebuilt it and in 2008 opened it as CastlePost.
Guests at CastlePost have included Saudi Arabia’s Prince Turki Al Faisal, as well as Princess Haya bint al-Hussein, president of the Federation Equestre Internationale, and her husband, Sheikh Mohammed bin Rashid al Maktoum of Dubai, a leading buyer of horses at Keeneland.
CastlePost has hosted several charity fund-raisers for the Salvation Army, the Scott County Humane Society and other organizations.