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.
PHOTOS: A PEEK INSIDE THE PACKARD PLANT
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