0 votes

Millionaire buys every foreclosed home in Michigan county for $4.8 million

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.

Read more: http://www.foxnews.com/us/2012/08/06/millionaire-buys-every-...

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

The County stole private property

and sold it to a fence.

How did the County gain title? Did a majority vote to hand over the property of the minority to the County?

These are tax foreclosures on people who own their homes or did until the greedy government stole their property.

Government is the greedy 1%. Need more proof?

Free includes debt-free!

how well you put it--

.

it's hard to be awake; it's easier to dream--

"A Fence"

Great observation.

"Its easier to fool people than to convince them that they have been fooled."
Mark Twain