|Detroit's Packard plant could be sold for $21,000|
|Written by Associated Press|
|Friday, 27 September 2013 05:42|
DETROIT (AP) — A former car plant that's a symbol of Detroit's industrial decline could be sold for as little as $21,000 after failing to get bids in an initial public auction.
The Detroit News and Detroit Free Press report the property is to be listed as a package of 42 parcels during the second round of the Wayne County treasurer's tax foreclosure auction, which starts Oct. 8.
The online auction runs until Oct. 25. Bidding started at $1 million for the first round of the auction, which ended Thursday.
The property went to auction after Evanston, Ill.-based developer Bill Hults earlier missed a deadline to come up money to acquire the property. He's leading a group that wants to convert the Packard plant into a commercial, housing and entertainment complex.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Front Page Stories
12/05/2013 | BILL RYAN Sentinel Garden Editor
Claudio Pasian, of Ohio State University, studies a plant during the poinsettia trials a [ ... ]
|ArtsX expands at BGSU|
12/05/2013 | DAVID DUPONT Sentinel Arts & Entertainment Editor
A wall projection is seen on the Wolfe Center for the Arts December 2, 2013. (Photo: Eno [ ... ]