A few Michigan residents thought they might be able to score a deal when the state auctioned off a few hundred houses that had gone into foreclosure. All they had to do is pay the back taxes owed on the homes. UNTIL! Dundundun... Mr. Millionaire Bill McMachen snapped up 650 homes for a mere $4.5 million. SIX HUNDRED AND FIFTY HOUSES. Like he was picking up beer from Costco.
So that would probably tick off the other buyers, don't you think? Here they were, with their mere thousands, ready to pick up a deal and make a home-owning dream come true (or at least a flipper's dream come true). And then in come Mr. Moneybags and spoils the whole thing! Who is this guy, anyway?
See, I was thinking it would be really cool if after the jump I could tell you that he's running a charity and he's donating all the homes. Or at least that he's really hot. But nope, he's just this guy who owns a yacht business and also owns his own harbor.
And he may donate the houses to charity -- but only if he can't sell them, first. He's hoping to make a couple million off the deal. Cha-ching!
It's like a game of Monopoly gone wrong. The kind where you're playing with your friends, and then along comes this rich kid from the big house on the hill, and he's got all this extra Monopoly money. And he just goes and buys everything on the board and spoils the game for everyone. Durr, that guy! He makes me want to throw some little plastic green and red houses.
And as far as the state of Michigan is concerned, they couldn't care less if it's fair or not. County Treasurer Ted Wahby knows people like McMachen are just buying the homes to make money on them, but who cares. "I have a job to do. I have to collect the taxes, and that's what we did." McMachen just made Ted's job a whole lot easier.
Would you buy 650 homes for $4.5 million if you could?
Image via myfoxdetroit.com