Rives Mansion hits the market for $1.3 million

The historic Rives Mansion in Downey went on the market Friday with an asking price of $1.3 million. Photo by Alex Dominguez

The historic Rives Mansion in Downey went on the market Friday with an asking price of $1.3 million. Photo by Alex Dominguez

DOWNEY -- Downey’s historic Rives Mansion is officially for sale.

After what has been a turbulent few years for Downey’s iconic property, the foreclosed mansion officially went on the market Oct. 6 with the bank listing it at $1.3 million.

Steven Padilla of Century 21 A Better Service is the listing agent.

Located at 10921 Paramount Blvd., the mansion is a six-bed, three-bath property with a formal living room and study. Most of the bedrooms include a balcony.

According to Padilla, potential buyers must approach the city with plans for their intentions for the property. Once the city gives approval, the potential buyer can then submit an offer. The bank has no say in the mansion’s future use.

It is unclear if those plans must include use for the water tower and the garage in the back of the property.

Padilla estimated it will take about $200,000 to $250,000 to bring the mansion "back to its glory," but he admitted that was just a guess.

The City Council discussed the property during the closed session portion of Tuesday's regularly scheduled meeting but it was unknown under what context. 

Built in 1911, the home was constructed by L.A. County district attorney James Rives and is listed on the U.S. Department of the Interior's National Register of Historic Landmarks as "a most interesting link to its agricultural past before Downey's mass suburbanization after World War II."