Couple buys their dream house in Reno for just $1 after it was originally listed for more than $1million …but there's a catch

A savvy Nevada couple scored the bargain of a lifetime when they bought their dream home for just $1.

Logan and Angelina Needham became the proud owners of the oldest house in Reno, with historians claiming it was one of the first ever built in the city.

After a 'thorough vetting process' the couple purchased the historic property from its previous owners, Jacobs Entertainment, who are a gaming, hospitality, and entertainment company.

The company had originally bought the home for a whopping $1.2 million, so the pair got an unbelievable discount.

However, the price tag of $1 comes with quite a big catch - it's up to the new owners to firstly relocate and then preserve the property. 

Jeff Jacobs, the CEO of Jacobs Entertainment, told the Reno Gazette Journal: 'It's important to preserve Reno's historic homes as we continue to revitalize downtown.

'We are happy to see the West Street home go to the Needhams. This is an example of progress and preservation happening hand-in-hand.'

Logan and Angelina were chosen by the company above the two other candidates who submitted bids.

They were picked due to the size of their available plot of land they planned to relocate the property to, as well as its proximity to the home's current location.

The couple have been married for more than 20 years and Logan is an artist and maker who regularly shares his renovation projects on Instagram. They also have two children.

Jacobs Entertainment revealed that plans are underway for the home to be relocated later in 2024.

The house, which is known locally as the Benham-Belz House, is located at 347 West Street and sits on Lot 8 Block E on the original Reno townsite - the highrise Sundowner Hotel sits just behind it.

According to Reno Historical and historian Alicia Barber, there is 'persuasive evidence that it was constructed in Reno's founding year of 1868 or early 1869, making it the oldest known house constructed in Reno'.

The rustic red home boats three bedrooms, as well as a porch with white pillars and several large windows - however, the 8,400 square feet area of land it sits on is not included in the purchase.

The original owners of the house, the Benham family, purchased the lot for just $200 in August 1968. 

Isaac Theodore Benham was a professional stone mason by trade who became one of Reno's founding builders - it's believed that he immediately constructed the family home and they began to live there.

They moved elsewhere in 1880 and the home passed through generations of other families in the Nevada city, before being purchased by Jacob's Entertainment for $1.2 million in January of this year.

Speaking to the Reno Gazette Journal in 2022, Barber added: 'We are literally talking about Reno's original townsite.

'There's every reason to believe this would have been one of the first houses to be built in Reno.'

Although it is one of Nevada's larger cities, Reno is nicknamed the 'Biggest Little City In The World'.

It was founded in 1868, the same year the Benham-Belz house was believed to have been built.

This was also the same year that the transcontinental railroad, which paralleled the Truckee River, reached the town.

Reno welcomed The University of Nevada in 1885. which contributed to the town's culture and identity. It went on to become an official city in 1903, with the first mayor being Ralph S. Osbourn.

It was once the gambling capital of the United States - before nearby Las Vegas outgrew it. 

Now, the city is home to 18 ski resorts, popular spots for whitewater events, winding cycle trails, a host of music venues and several significant sports stadia. 

There were initial worries when Jacob's Entertainment purchased the piece of history, as many of the hospitality company's plans include demolishing old buildings and replacing them with modern properties.

They are currently redeveloping West Fourth Street as part of their Reno Neon Line District project. 

The Reno Gazette Journal reported that the sale initially raised concerns among residents that the home would be demolished - but now it's been sold on, the worries should have faded.

Last year, Reno was named the happiest place to live in America, chosen as a reformative and affordable 'modern boomtown' with fair weather and creative outlets year round.

The city was chosen by Outside, based on factors including overall well-being, public land and affordability, and climate change and inclusivity.

Outside described Reno as a 'modern boomtown', bustling with green, open spaces, climbing gyms and a summer arts festival as part of a local revival.