Man who placed $3M bid on 6,000 foreclosures in Detroit takes it back

by MPA05 Nov 2014
The once mysterious bidder, who is now identified as a local casino developer, has decided he doesn’t want to own more than 6,000 dilapidated properties in Detroit.

Herb Strather withdrew his $3.2 million bid this morning following concerns over a possible development agreement, according to NextCity.org. The news is good for Detroit as NextCity.org reported Strather has a patchy history of property responsibility.

In a Wayne County auction last month, Strather placed a $3.2 million bid for the dilapidated homes, roughly the minimum allowable bid of $500 per property. David Szymanski, chief deputy treasurer of Wayne County, previously said he was not likely to turn a profit from the properties.

The bundle includes 3,000 properties that need to be torn down, plus some 2,000 empty lots and about 1,000 homes that are believed to hold some value.

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COMMENTS

  • by Pat | 11/5/2014 1:29:06 PM

    It would still be a losing proposition if the city paid him 3 million to take the properties.

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