Millionaire buys every foreclosed home in Michigan county for $4.8 millionSubmitted by celeste on Mon, 08/06/2012 - 10:28
A Michigan millionaire decided to go into the real estate business with a bang last week by buying every tax foreclosed property offered at a recent county auction.
MyFoxDetroit.com reports Bill McMachen, a businessman and former yacht dealer, paid about $4.8 million for all 650 tax foreclosed properties at Macomb County's July 31 sale.
Authorities had announced at the auction that the properties could be sold as a package deal for the price of the back taxes, which totaled about $4.8 million. McMachen jumped at the chance.
"I got a deal nobody else could have got," he told MyFoxDetroit.com. "I paid all the back taxes that was due and that's what the county wanted."
The sale drew ire from many at the auction, who had shown up only to have all the properties gone in a matter of minutes.One Canadian investor said the county's decision was puzzling, as his company had spent weeks preparing a much higher bid.