07 August 2012

Michigan Millionaire Purchases Auction Homes for $4.2 Million

Story first reported from Yahoo.com

A Michigan businessman has bought up every piece of property--fully 650 separate properties--for sale at a Macomb County tax auction for a cool $4.8 million. He was the only bidder. And not everyone was happy with that outcome, especially those who had hoped to bid on single homes.

So what does Bill McMachen plan to do with all of that windfall real estate? Sell it, of course (and he has many would-be buyers). According to Fox News, McMachen expects to make about $2 million back on his investment, with many of the properties to be donated to needy families.

Watch the Bill McMachen interview by Fox News Detroit here:

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