One of the city’s “most beautiful and historical structures” has been taken off the market as its owners determine their next step after two years of trying to find a buyer.

The mansion has been home to dance and photo studios, a construction company and low-income apartments over the years, but more recently had become a haven for drug dealers and crime.

The mansion at 200 S. Main St. sits in the middle of downtown, where the city has been focusing many of its redevelopment efforts.

Now, owners of the Sorg Mansion are “rethinking marketing strategies” after the property recently suffered water issues. Any water damage has been fixed with the home’s “historic integrity” upheld, according to Rachel S. Lewitt, broker and owner of Finkelman Real Estate.

The appraised value of the building and property is $498,000, Lewitt said. In September 2009, the property was listed for sale for $525,000, according Middletown Journal archives.

Commercial Realty Co., which is listed as the owner of the property, also owes $6,070.59 in property taxes, according to the Butler County Auditor’s Office.

Three contracts to buy the property have been submitted during the two years it has been on the market, but for various reasons the sales never closed, Lewitt said.

The auditor’s office lists the property’s value at $78,0303 — $44,330 for the land and $33,700 for the building.

Jeff Diver, president of the Middletown Historical Society, said he hopes the property can be restored to its original “grandeur.” He called it one of the city’s “most beautiful and historical structures.”

When asked what he envisions for the Sorg Mansion, Diver gave a nervous laugh. In a perfect world, he said, it would be restored, though he understands money is the “biggest factor.”

The home needs significant improvements to return it to its original appearance, Lewitt said. Whoever buys it, she hopes they “love it, love it for its historic and rich history.”

Sorg Mansion was built in 1887 by Paul J. Sorg, one of Middletown’s first industrialist and first multi-millionaires, for $1 million.

The three-story, 12-bedroom, eight bathroom brick-and-stone Romanesque castle features 12-foot ceilings and fireplaces in every bedroom. There’s also a ballroom, formal dining room and library. Much of the original stained glass remains today, according to Lewitt.

The property has been in the Finkelman family since 1936, said Lewitt, the granddaughter of the late Harry A. Finkelman. She said Finkelman, who died in 2004, maintained the property to the “best of his ability.”

If he saw the mansion today, he’d say “it’s one hell of a property and I’m proud of her,” Lewitt said.

Lewitt, who called herself “a passionate person,” referred to the Sorg Mansion as a “her,” and said she visits the property almost daily.

“I have a lot of memories,” she said. “The future is bright for Middletown and this beautiful home.”