This home is in the Buell Mansion subdivision in Cherry Hills Village, CO. I know quite a lot about this community as I have helped a client purchase there as well as listed in the area. I would be happy to give you my personal and professional insight into this home and Buell.
I think the answer below carries good intuition and probably holds weight in that the bank probably wont take really low ball offers below what they are asking.
Please feel free to call or email me anytime.