10/04/2011 10:51 am ET Updated Dec 04, 2011

Rod Blagojevich's Home Officially On The Market At $1.07 Million

The Ravenswood Manor home of convicted former Gov. Rod Blagojevich is now officially on the market and up for grabs -- with a $1.07 million price tag.

The five-bedroom, three-bathroom home's public listing debuted Sunday, over two months after reports emerged that the Blagojeviches had begun trying to sell it privately. It has been listed under River Realty, where Patti Blagojevich, a licensed realtor, works.

Patti told NBC 5 that the 3,800-square-foot home, estimated by the county to have a $700,000 value a few years back, represents more than a "house that we're selling."

"It's our home," Patti said. "We've lived here since 1999. It's the only home that out children have ever known. It's kind of sad, and you know, I'm more sad for our children who definitely don't want to leave."

But they likely don't have much choice. While the governor awaits a sentencing for the 17 counts of corruption he was convicted of in June, a sentencing scheduled for Thursday but postponed indefinitely as of last month, the family is expected to face some hefty fines and legal fees. They also had to list the home as collateral toward a Rod's $450,000 bond, according to NBC 5.

The home, built in 1929, is described in its listing as "one of the largest homes in the neighborhood," coming with three fireplaces, a gym, a music room and library, crown moldings and a large master suite. According to the Chicago Tribune, the Blagojeviches purchased the house for $505,000 in 1999. WBEZ's Justin Kaufmann on Monday offered up some suggestions to "spruce up" the home's somewhat dry listing, including that the home comes with "12 [untouched] volume set of ethical statutes in Illinois Government," plus a music room with "an unfinished sonnet dedicated to juror #11," among other features.

Though he faces a maximum sentence of up to 305 years in prison, Blagojevich is expected to receive a sentence of around ten years -- though some sources have suggested that a sentence as lengthy as 30 years is still possible.

WATCH and revisit Blagojevich's June conviction: