Hubbell Realty Co.’s purchase last month of the Rollins Mansion at 2801 Fleur Drive was the last piece of a larger deal in 2007 to acquire 10 apartment complexes from Clarke Cos.

The West Des Moines-based developer and property-management company, which jumped on an opportunity to expand its multifamily housing portfolio by more than 1,600 units, acquired the 1.86-acre parcel and property as part of that larger transaction.

But Hubbell says the 46-room mansion, with its 1905 stained glass by Frank Lloyd Wright, ceiling beams from an inn in which William Shakespeare performed, and serving bar hidden in a more than 300-year-old Church of England Anglican confessional, doesn’t quite fit the company’s traditional assortment of office, industrial and retail space.

Hubbell now hopes to sell the 18,075-square-foot historic landmark as soon as possible, even if doing so means taking a $50,000 loss.

“It’s in recognition that they (Hubbell) do not wish to own that building,” said Colleen Johnson, a CB Richard Ellis/Hubbell Commercial vice president who is listing the property.

That’s why after closing on the $1.75 million deal in November, Johnson said, Hubbell put the Rollins Mansion back on the market with an asking price of $1.7 million. The Polk County assessor’s office this year assessed the property at $1,309,000.

In the fall of 2008, as the economy began its downward slide, Johnson listed the Rollins property at $4.75 million for its previous owner.

“You see what a bargain it is today,” Johnson said, quickly conceding that the Tudor-style mansion is no longer filled with fine antique furnishings as it was late last year.

Still, she thinks $1.7 million is a pretty good deal.

Johnson said the former residence, which includes 5,300 square feet of contemporary office space added in 2007, may be best suited as a corporate conference and retreat center or possibly the corporate headquarters of an architectural or public relations firm.

Though Hubbell has no interest in leasing the space, Johnson said, the company will not ignore any opportunity and at least one prospective tenant has shown interest in a short-term commitment.

“It’s a difficult time for a lot of entrepreneurs to finance property,” she said.