Today in ill-advisable real estate moves, someone has bid on the blight bundle of 6,350 properties in the Wayne County tax auction. That bid was just over $3M, an insane amount of money to spend on the tax auction. Previously, we reported that if the blight bundle did not sell, those properties would go to the Land Bank to be sold off in their online auction system. If the bidder ends up closing this deal they will be held responsible to the stipulation that within six months they either demolish or present a development agreement acceptable to the Wayne County Treasurer's Office for all the properties. That or perhaps start fighting that stipulation in court? This should be interesting.
· Ineffective County Tax Auction Finally Makes Blight Bundle [Curbed Detroit]