10/12/2014 03:27 EDT | Updated 10/14/2014 12:41 EDT

Moncton Castle Sells For Less Than Most Urban Homes (PHOTOS)

Stephen Downes via Flickr

A group of investors in B.C. has purchased a New Brunswick castle for $475,000, and plans to convert the 54-room heritage building into high-end condos.

New Brunswick developer Jay K. Tse told The Times-Transcript that he and some of his family in British Columbia plan to salvage what they can from Castle Manor Estate, which has been an orphanage and nursing home.

The castle made headlines in January when it was listed for $699,000less than a modest bungalow in East Vancouver, or an average house in Toronto.

“It’s just a beautiful old building that needs a lot of tender loving care,” Tse told The Province. The main Vancouver backer wishes to remain anonymous, said the newspaper.

The stone-facade building will be converted into 14 luxury units ranging from $275,000 to $350,000, reported CBC News.

Tse estimates renovations will cost more than $1 million, said The Times-Colonist. The castle has a new roof, but it has sat empty for several years, and has been vulnerable to vandals.

Tse reassured Moncton citizens who are fond of the 107-year-old castle that he hopes renovations will "make it last at least another 100 years." Plans are to keep the Gothic Revival exterior, as well as detailed interior work including the doors and radiators, said CBC.

Photo gallery B.C. Investors Buy Moncton Castle See Gallery