Multimillionaire Buys All of Town's Foreclosed Homes
A yacht-dealing millionaire ticked off hundreds of Detroit homebuyers when he swept an auction of 650 tax foreclosed properties last week.
Bill McMachen, a former yacht-dealer, told Fox News 2 this is his first foray into the real estate business. He plunked down $4.8 million for the lot of homes, which averages out to just over $7,000 apiece.
Source: Business Insider. Read full article. (link)
Editor's Note: We invite comments and request that they be civil and on-topic. We do not moderate or assume any responsibility for comments, which are owned by the readers who post them. Comments do not represent the views of Reason.com or Reason Foundation. We reserve the right to delete any comment for any reason at any time.