Michigan Millionaire Buys 650 Foreclosed Homes at Auction
By Chris Bentley in News on Aug 9, 2012 5:40PM
A recent auction of foreclosed homes in Macomb County, Michigan was a clean sweep for millionaire Bill McMachen. The businessman snapped up every tax-foreclosed property on the county’s docket to the tune of $4.8 million, much to the chagrin of a Canadian investor who had studied the lot and hoped to grab the most attractive deals.
Already well known around Macomb, just north of Detroit, McMachen told Fox News Detroit he was inundated with emails after news of his auction coup got out. The new owner said he’ll sell some of the houses at near-auction prices and will donate some to needy parties.
At an average cost of less than $7,400 per house, the millionaire made out pretty well. And Macomb County was able to unload less desirable real estate along with the more valuable liens likely targeted by the miffed Canadian investor, collecting millions in back taxes in one fell swoop.
Fox reported that McMachen was looking to make $2 million on his $4.8 million investment, which means he would only need to find 100 properties worth at least $68,000 in his grab bag of 650 foreclosed homes. Or bulldoze it all and sell off the land. Whatever he decides to do, McMachen’s local celebrity is secure.
[Via Consumerist (no relation)]