Many foreclosure auction bidders had their sights set on 650 homes located in Macomb County, Mich., but they lost out when a millionaire yacht dealer and his business partner acquired all of the properties outright for $4.8 million, according to the Detroit-Free Press.

Bill McMachen is the main buyer. The homes, which were foreclosed on because of back taxes, are expected to generate $2 million in profits for McMachen and his business partner. Any homes not resold will be donated directly to charity.

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