LITTLE FALLS, N.Y. (WKTV) - One man's loss is another man's gain. That's the case for a Little Falls man who just purchased the city's largest house after it went into foreclosure.

"Any other bidders on this property for a thousand dollars?" asked the auctioneer earlier in the week.

On a rainy morning in Herkimer, half a dozen bidders weighed their options on whether to buy one of Little Falls most famous landmarks - the Overlook Mansion.

"When I went to see it about a month and a half ago, it was a very, very sad site very sad site," said Carin Mei.

Mei owned the mansion for about 10 years before she sold it two years ago. In its hey day, it was a bed and breakfast and a restaurant. But since she sold it, Mei says the place has fallen into deep disrepair.

"I felt partially responsible, because you think 'well, if I would have sold it to somebody else, this would not have happened' or 'should I have kept it open even though business was not as it should have been'," pondered Mei.

The mansion will easily cost millions to repair. But for local preservation enthusiasts, it's worth it.

"It's an important enough house to warrant that kind of an investment," said James Tomaso, the proud new owner of the mansion.

"This is a life-long goal of mine and I've been working at it for 5-6 years," Tomaso said. "So, it's all come to a head and I'm pretty excited."

Excited, and just slightly overwhelmed.

"The long term goal right now is to get it fixed up," Tomaso said. "And it's not an easy task it's a huge task."