After obtaining an extension for putting down the full amount needed to buy the Packard Plant, the Hults failed to turn in a deposit of $300,000 yesterday which was needed to buy him the extra week. Will Wayne County finally stop playing games with bidders and just sell the 3.5 M square foot complex already? The next person in line to buy was a bidder named Fernando Palazuelo. The Detroit News was reporting the Hults dough as a no show at 6:00 pm last night. The Treasurer's office said they would review options today. Hults will not be refunded an initial $100,000 deposit if the deal falls through. The purchase price was supposed $1.9 million.
· Packard bidder still hasn't wired $300K deposit [The Detroit News]
· Hults Hangs on to Packard Plant Deal, Still Owes More Money [Curbed Detroit]