Investigation Finds No Illegal Action With DPS Real Estate Deals
DETROIT (WWJ) – No harm, no foul. An investigation into a series of Detroit Public School District real estate dealings made under the district’s 1994 $1.5 billion capital improvement bond concludes that while DPS used some “unorthodox” practices, none of the transactions were illegal.
The investigation was launched by former DPS emergency financial manager Robert Bobb, and included the purchase of space in the Fisher Building for what appeared to be an inflated price.
DPS Inspector General Wilbert Marsh cites a lack of due diligence and managerial oversight, “but no evidence of real estate flipping.”