Bidder paying $3.2M for 6,000 Detroit foreclosures

10/29/2014

Justin Solomon | CNBC

Detroit on the eve of the city's bankruptcy decision on Dec. 02, 2013.

It looks like someone is willing to invest in Detroit—though who that person is remains a mystery. An auction in Motor City of more than 6,000 foreclosed properties found an unidentified bidder who has offered $3.2 million for the buy, Bloomberg Businessweek reports.

The offer meets the minimum bid allowed for the sale, which stands at $500 per property. Of course, the actual cost of taking over these properties is likely to far exceed the initial $3.2 million, as almost half of the properties need to be torn down in the next six months per conditions of the auction. The bundle also includes around 2,000 empty lots and some 1,000 homes that are deemed habitable.

The Businessweek article says that the bid came as a surprise given how little excitement preceded the large sale. Had the countywide auction found no bidders, the properties would have then been transferred to the city for sale.

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