Dankens home will be renovated into a $1 billion, 200,000-square-foot home.
Danken has an existing historic structure that was purchased from the city of Dankenberg in 2000 for $3.9 million.
In 2001, the city began to use the structure to house a police department.
Drew C. Schumacher, owner of The Drew Schumachers, which is in the process of buying the building, said the building will be converted into a residence for the owner.
“We are going to transform this into a home and office that is going to have the same level of amenities as our current home,” Schumchers told ABC News.
“It’s going to be like a family home, a vacation home, it’s going be a nice, cozy little house.”
Schumachers has been in the construction business for 30 years.
He said he has never built anything with such a grand scope before.
The project is expected to be complete by next year.
Schmacher said he hopes to have a formal unveiling of the project before Labor Day.ABC News’ David C. Hill contributed to this report.