Part 10/12:
From Wealth to Bankruptcy and Selling Terrace Hill
Allen's immense fortunes evaporated overnight. Although some local residents sympathized with his downfall—viewing him as a self-made man who got in over his head—his financial ruin was devastating. To satisfy creditors, Allen was forced to liquidate assets, including the grand mansion. In 1884, he reluctantly sold Terrace Hill and its surrounding 8 acres to local businessman Frederick M. Hobile for just $60,000—a fraction of its original cost.
Over the ensuing decades, the mansion changed hands multiple times, with each owner unable to maintain its grandeur. The enormous property, once standing as a pinnacle of Victorian elegance, fell into decline.