Hilbert mansion fetches $20M bid

The newly formed Carmel Institute has offered $20 million for the former Hilbert mansion, according to a source familiar with the bid.

That bid matches Conseco Inc.’s asking price for the mansion, which has been on the market for two years. Conseco won control of the residence during a court battle with former CEO Steve Hilbert over company-backed loans Hilbert used to buy Conseco stock but never fully repaid. The two sides settled for undisclosed terms in December.

Before The Carmel Institute’s bid, Conseco entertained several offers, company officials said previously, and had a serious offer fall through last year. The 40-acre estate and 23,000-square-foot home are on West 116th Street in Carmel.

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