Historic Houston mansion's future in limbo

HOUSTON (KTRK) -- A $2.25 million mansion could soon become one of Houston's most expensive tear downs.

While property values continue to soar, the beautiful old home finds itself at the center of a big debate - whether to refurbish a piece of history or tear it down.

As she gives tours throughout the home in the historic Riverside Terrace neighborhood, south of the University of Houston, realtor Kelly Paul asks what potential buyers plan to do with the property.

"For someone to come and tear this down would be just be devastating. It would be devastating to the community because there are so many people around who want to see it restored," Paul said.

Built in 1935 by grocery magnate Joe Weingarten, the nearly 5,500 square foot home was once the largest in the neighborhood and is full of history.

"They were well before their time in the thirties for what they have in here," said owner Dwight Lavinghousez.

Lavinghousez's family bought the property when he was just 17.

"My mother had to have it. We couldn't afford it, but we bought it. This was their dream," he said.

Today his dream is that someone will buy it and return it to its original beauty.

But developers are looking at it too. It has no historic designation and they could tear it down and build at least half a dozen brand new homes on the nearly five acre lot.

Now the future of this Houston gem remains with its buyer.

Lavinghousez says he received a $5 million offer on the home five years ago, and regrets turning it down.