University District home goes for $255K at Land Bank auction

Update: The Land Bank says this was a record and that it was likely a city employee who purchased it.

Last year, we saw a Boston-Edison home test the limits of the Land Bank’s auction site, bringing in $240,100. We now have a big auction sale in another desirable neighborhood—the University District. Like all others, it started with a $1,000 bid and by the end of day on Friday, the winning bid came in at $255,100.

This could be a record for the Land Bank (we’re checking on it). Like all Land Bank homes, this one needs a full rehab. Its estimated rehab costs on the listing come in at $37,000, but we imagine a lot more could be put into this one. It has some nice features—a tiled fireplace, archways, built-ins. It comes in at a manageable 1,624 square feet with four bedrooms and two bathrooms.

It’s a high price for a house in this condition. We’re looking forward to seeing what it looks like post-rehab. Here’s what it looks like now.

• 17500 Wildemere [Building Detroit]