An elegant Old Northside mansion known as the Yellow Rose Inn has a new owner with plans to discontinue a bed-and-breakfast operation. Mental Health America of Indiana Inc., which has its headquarters next door, bought the property at 1441 N. Delaware St. from Betty Davis, who began operating the inn and event center with her late husband Larry in 1981. The 7,200-square-foot property had been listed for $750,000 but the association is buying it for less, said Beth Karnes, president of the group’s foundation. Plans call for the first floor to continue to serve as conference and meeting space, while the second and third floors will become office space. "We’re almost at capacity in our current building," Karnes said. "The thought was we might never have the opportunity again to have the property next door." Davis, who lives in a carriage house behind the mansion, plans to continue using the first floor and grounds for weddings and other events. The colonial revival structure was built between 1897 and 1898 as a residence for attorney Harry J. Milligan. The building served as a corporate headquarters in the 1930s and was converted into 8 apartments in the 1940s. It was renovated again in 1981 to serve its current capacity as a meeting facility and inn with four large suites.