Burned-out house in Red Wings arena district jumps to $5M

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It may be the most expensive run-down, burned out house you'll ever find.

With its chipped wood and crumbling structure, the home at 2712 Cass Avenue is one of the last hold-out properties that hasn't been sold off to Ilitch Holdings.

The property was last sold in June 2002 for $25,000, then put up for sale in 2015 at $3.5 million, bumped to $4 million in 2016 and just five days ago -- it now stands at $5 million.

Why the high price tag?

It's located right next door to the new Little Caesars Arena, which will be home to the Detroit Red Wings and Detroit Pistons this September.

The house has 19 rooms, 3,300 square feet and was built in 1880.

Fox 2 spoke with a leasing agent in 2016 who said once upon a time, the house held offices for a dentist and an attorney.

"The investment group believes that the closer we get to this new up and coming spot in Detroit that it becomes more valuable," the agent said.

Back then she said a family with foster children lived there, then neighbors said no one lived there for three years.

The Zillow listing reads: "Could make a great bed and breakfast, night club, restaurant, high rise hotel, or parking structure."