Detroit’s Packard Plant Could Be Sold For Just $21,000
DETROIT (WWJ/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.
According to reports, 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 with zero bids.
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.
The plant was built in 1903, and the last Packard automobile was built there in the mid-1950s. Other smaller industrial businesses have used the facility since. As the years passed, the plant increasingly became the target of thieves, metal scrappers, urban explorers and graffiti artists.
TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.