By Dana Knight

Mar. 17, 2008 (McClatchy-Tribune Regional News delivered by Newstex) --
Derek Wellman put on a fancy business suit and went to work after college, but it never felt quite right.

Getting grubby and sweaty as he framed and painted houses was more his style.

Kind of ironic how things turn out.

Today, Wellman's passion for that down-and-dirty work has him building million-dollar homes for those other guys in suits.

His building project of choice? High-end custom mansions (of up to 10,000 square feet) featuring indoor waterfalls and elevators, views of golf courses and elaborate outdoor kitchens.

"I was really fooling myself, because building and creating is what I love," said Wellman, 37, who owns Wellman Custom Homes.

His portfolio includes dozens of homes in communities such as Zionsville, Fishers and Geist. His 2001 Home-A-Rama creation received accolades for its three-story interior waterfall. A gourmet kitchen in the same home appeared in Better Homes and Gardens, and Builder's Journal has featured Wellman's style of home building.

But creating elaborate homes is just the beginning of this multi-tasking businessman's ventures. He owns Wellman Racing, which will have a team in this year's Indianapolis 500. He also is co-owner of Bella Chic, a high-end vintage furniture and accessories company in Carmel.

"He is one of the busiest multi-tasking individuals you'll ever meet," said Julie Shambarger, Wellman's partner in Bella Chic. "Driven does not even begin to describe him."

Take the way Wellman ended up with a racing team. After Wellman invested in Bella Chic, Shambarger's husband as a "thank you" gave him a job as a spotter on his racing team during the 500-Mile Race three years ago.

"The very next year he had his own racing team," said Shambarger. "That's the epitome of Derek Wellman. He doesn't shy away from anything, and failure is not an option."

Wellman said his entrepreneurial sprit comes from trial and error.

"No one knows what they want to do," he said. "I worked for many industries, got in and out until I realized what I love."

Wellman graduated from Indiana University with a degree in business and finance. He spent the first five years out of college working in the business world, including a stint at the Chicago Board of Trade. But construction called to him, and he started Wellman Construction.

Wellman's time rehabbing old homes opened his eyes to the real estate business, and he realized building would give him what he wanted: business, creative opportunities and construction all wrapped into one.

"To me, building is creating," Wellman said. "And the higher the budget, the more creative you can get."

Brian McVeigh is hooked on Wellman's building style. Wellman built his home in 2003. In two months, McVeigh and his family will be inside an upsized version in Fishers.

"We noticed his houses and loved the exteriors, and then when we went inside and saw the interiors, they were just gorgeous," said McVeigh.

Building is a personal experience, and Wellman brings the traits that consumers need.

"He's honest and will just sit down with you, and if he thinks you are making a wrong decision, he will tell you," McVeigh said. And it doesn't stop at the time of sale.

"His pride in the home, even three or four years after a sale, is what makes him stand out," McVeigh said. "You can call him on any need even years after the sale."

Wellman has plenty of satisfied clients, though he declines to name the more famous ones, who prefer to remain anonymous.

His own home, a $1.5 million house in Fishers, is on the market. Wellman said he likes to sell and move on, so the home he lives in has the latest touches to show clients.

Whether his home will sell, however, is a question mark. Bogging down Wellman's business is the tough housing market. It's not just moderately priced homes that are tough to sell; even high-end houses -- $750,000 and more -- are feeling the heat.

"The market is very challenging," said Kelly D. Dather, a broker with F.C. Tucker Real Estate.

A several-month supply of luxury homes is on the market. "That's great news for buyers and difficult news for sellers," Dather said.

Dather said the reasons for slower sales in the luxury home market are the same external factors that affect everyone's pocketbook.

"A roller-coaster stock market, unemployment rates, the upcoming election are all factors affecting consumer confidence," he said.

Wellman admitted that he had hoped the high-end consumers still would buy -- he just figured they would cut back on amenities, such as pools or extravagant outdoor kitchens.

"These high-end clients, they are panicked, their confidence is low," he said. "And the buyers can't sell their homes."

Wellman, however, is determined and confident things will look up -- the exact optimism that makes him a success.

"In the past six weeks, I have seen a dramatic turnaround," he said. "People are out and about looking. We just hope they come looking our way."


DEREK WELLMAN:

--Age: 37.

--Owner: Wellman Custom Homes, Wellman Racing; co-owner Bella Chic.

--Education: Indiana University, degree in business and finance.

--Personal: He and his wife, Amy, have three children: Eli, 6; Ty, 1; and Halle, 2 months.

Newstex ID: KRTB-0095-23864811