Fox59 News has learned Forrest Lucas, owner of Lucas Oil, has bought the former Hilbert Mansion in Hamilton County.

Wednesday afternoon, friends and family cheered as Forrest Lucas and his wife Charlotte walked out the front doors of the former Hilbert Mansion off 116th and Spring Mill to announce they were the proud new owners buying the 33-acre compound for $3 million.

"This is the prettiest place I've ever seen," said Lucas with a smile on his face. The couple did the deal in the last two weeks.

An auction had been held on the property in June and July with eight different bids coming in. CNO Financial, formerly known as Conseco, had owned the property for the last five years and was ready to unload it.  

The home originally was listed for upwards of $25 million and got dropped down to $20 million, $15 million and so forth just sitting on the market. Hilbert reportedly put 35 million into the property to build the mansion back in 1994. Realtors say the property taxes on the place have been $170,000 a year.

The Lucas' toured the home back in 2008 when it was on the market but felt the price was too high. Then this summer realtors working with CNO decided to hold the auction to bring some finalization to settling the property. Some bids came in higher than Lucas' but fell through. In the end Lucas had the cash to buy the property and get the deal done.

"The price is fair if you watch the housing market you see houses like this are unsellable all over county and are coming down," said Lucas.

Lucas and his wife say they'll live part time in the home but also use it for hosting corporate events and customers for Lucas' oil company. When asked what his favorite part of the property was Lucas said the beautiful winding road that leads up to the mansion. When asked if he'd spoken to Steve Hilbert the former owner, Lucas said no. "I met Tommi Sue one time at a party and she was very nice, but that's about it," said Lucas. "I have not spoken to Steve but yes, I'm sure he's watching."

The couple have a rags to riches story. Both Forrest and Charlotte came from humble beginnings.

"I was dirt poor," said Lucas. "When you don't have money, you hold onto it, we didn't spend it as soon as we made it," referring to his oil company in it's early years.

The couple holding hands and smiling fielded questions from reporters for about a half hour on the front steps of the mansion.

When asked about what style of decorating Mrs. Lucas thought she might consider for the home she replied.

"It's crying out for antiques," said Charlotte. "This whole process came so quickly so we really haven't had time to thing but now that it's ours we do."

"They're going to bring this property back to life,' said Realtor Greg Cooper of Prudential who worked on it with fellow realtor Dick Richwine. "They're going to make it sing again."