Financial Crisis

Multimillionaire Buys All of Town's Foreclosed Homes

Many potential homebuyers upset after Bill McMachen bought 640 homes for $4.8 million.

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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.