LANSING - The Victorian home on 1117 N. Walnut St. has a new owner.

Mohommod Khan, of Okemos-based Khan Properties, bought the 122-year-old house for $15,000 during the Ingham County land auction Tuesday morning.

"It is a big house with a beautiful yard," Khan said. "It's different from other houses."

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Khan said he plans to renovate the historic home, which features an oak staircase, hardwood floors and the original wood trim, and resell it under a land contract.

The home was built in 1895 and the county foreclosed on the property in March. While it retains many of its original features, there are also holes in the floor upstairs, crumbling porch steps and the hardwood floor has rotted near the front door. A tree is also growing on the roof near the chimney.

The home was sold with a historic property and owner occupancy covenant, meaning it must be restored to preserve its historic nature and it can't be used as a rental property for 20 years.

"We're glad to see it get some attention," said Dale Schrader, president of Preservation Lansing. "It's in a key location on a historic street. It will make a good home for someone."

Alexander Alusheff is a reporter with the Lansing State Journal. Contact him at (517) 388-5973 or aalusheff@lsj.com. Follow him on Twitter @alexalusheff.