Investments

Bidder offers $3.2 million for 6,000 Detroit foreclosures

Buyer remains anonymous

Someone is stepping up to invest in Detroit, and while the person remains a mystery, an auction in Motor City of more than 6,000 foreclosed properties found an unidentified bidder who has offered $3.2 million for the buy. Per CNBC:

The offer meets the minimum bid allowed for the sale, which stands at $500 per property. Of course, the actual cost of taking over these properties is likely to far exceed the initial $3.2 million, as almost half of the properties need to be torn down in the next six months per conditions of the auction.

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