The Hults, a "developer" type from Chicago, has been trying to buy the Packard Plant for months now, and just threw another $100K at the problem. That means he's officially paid $200K towards the purchase price of $2M, which was his bid in the second round of the foreclosure auction. (A previous bidder's winning bid was cancelled for failure to pay). With $1.8M left to go, he's already missed several deadlines, including one on Monday which was for a $300,000 payment.
According to Crain's, Wayne county is not feeling particularly enforce-y about the next deadline; The Hults had been given until Nov. 12 to pay the full $2 million, but the they're not promising not to move the deadline again. Crain's talked to the Treasurer dude who's face graces the online auction bidding info page:
"As always, we hope for the best, but are prepared should this bidder not perform as required," Treasurer Ray Wojtowicz said in a statement. "I hope the public understands that with a transaction as massive as this, patience is sometimes required."
The Hults has been trying to buy the 3.5M square foot dilapidated old car factory since before the auction, but could not seal the deal back when the purchase price was just $1M.
Packard plant buyer adds $100,000 to deposit; county works on payment plan [Crain's]
· The Hults Remains Terrible at Paying For Packard Plant [Curbed Detroit]
· Previous Packard Plant Coverage [Curbed Detroit]