Loot Storage

[Malchik]

Rethan Manor is one of the three great house strongholds. You can't buy it as such (unless in a mod perhaps). Walk south out of Balmora along the river past the shulk egg mine and you'll arrive at it. If you arrive at the coast you've gone too far.

[Marxist ßastard]

You bought the deed to the land, and have not initiated the building of any structure on it with your purchase -- you also still need to have the Duke's approval for the land deed to be at all legitimate.

 

You cannot get the Duke's approval, and thus cannot have the manor built (or take possession of the manor legally if it is already there) if you are not a member of House Hlaalu, or are not of a high enough rank to receive their endorsement (you will get the details on this if you ask for advancement once you receive the required rank).

 

If you refuse to join a house, or are already in one other than Hlaalu, you have just, in effect, bought a very expensive piece of paper. In the latter scenario, however, your house will be able to build a different stronghold for you (and in doing so, a structure will also be erected at Rethan Manor for its Hlaalu inhabitants), and you may eventually be given the quest to exterminate the current residents of Rethan Manor, meaning that you can do whatever you want with the place.