Packard Plant sold... for OVER $6,000,000 [Update: No it isn't]

**Cliffy** · October-25-13, 11:21 PM

Ok I just read this paragraph in the detnews

County officials identified Van Horn as the winner of the auction, bidding $6,038,000. She remained unknown to county officials Friday evening. Records indicate there’s a family doctor in Ennis, Texas, by the same name. That doctor’s husband, George Van Horn, told The Detroit News the final bid was in error.

From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2inZfvjKt

**SpartanDawg** · October-25-13, 11:25 PM

Originally Posted by Cliffy

Ok I just read this paragraph in the detnews

County officials identified Van Horn as the winner of the auction, bidding $6,038,000. She remained unknown to county officials Friday evening. Records indicate there’s a family doctor in Ennis, Texas, by the same name. That doctor’s husband, George Van Horn, told The Detroit News the final bid was in error.

From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2inZfvjKt

hahah wow.. whatever turns out, this is surely going to be the most "Detroit" event possible.. probably meant to bid 603,800?? maybe the system threw in an extra '0'.. really excited to see what happened lol

**canuck** · October-25-13, 11:57 PM

Originally Posted by SpartanDawg

hahah wow.. whatever turns out, this is surely going to be the most "Detroit" event possible.. probably meant to bid 603,800?? maybe the system threw in an extra '0'.. really excited to see what happened lol

She is probably going to need some "natural" sleeping pills this weekend.

**getmoore** · October-26-13, 07:00 AM

I think there was a glitch in the system and that they may either have to redo the auction or it just wont be sold at all. It's just hard to believe it sold for that much!

**Baselinepunk** · October-26-13, 07:08 AM

Good gravy, what a hoot!

**313WX** · October-26-13, 08:31 AM

Originally Posted by Richard

His focus is downtown,he would have no interest outside of that.

Pretty much. The same goes for just about all of the downtown investors.

**illwill** · October-26-13, 09:43 AM

I believe the buyer only had to pay down just over $5000.00 to secure the property. The buyer might end up leaving the down payment and walking away after doing their due diligence.

This happens often in auctions.

**Hypestyles** · October-26-13, 10:02 AM

I hope these people aren't flakes who just wanted something "Detroit related" on a whim. I hope that there are measures to take back the property if the new owner[[s) don't actually start doing something with it in the immediate future.

**313WX** · October-26-13, 10:16 AM

Originally Posted by Hypestyles

I hope these people aren't flakes who just wanted something "Detroit related" on a whim. I hope that there are measures to take back the property if the new owner[[s) don't actually start doing something with it in the immediate future.

I'm just to assume they're flakes. Even if they can afford the property, why would doctors in suburban Dallas want anything to do with a crumbling hulk in Detroit?

**Baselinepunk** · October-26-13, 10:52 AM

Originally Posted by 313WX

I'm just to assume they're flakes. Even if they can afford the property, why would doctors in suburban Dallas want anything to do with a crumbling hulk in Detroit?

Tax write off or some sort of arrangement with other investors in which they can supply some depreciation?

Memory is a little foggy --- wasn't there a bunch of "investors" a few decades ago sitting on buildings in Detroit to take the hit on them for the portfolio?

Packard is going to take a lot of work and money; there are a ton of possibilities. Why isn't Packard something for the SuperFund?

**finster** · October-26-13, 11:05 AM

Maybe she wants to build the worlds biggest Obamacare clinic.

Just kidding - for the record I support Obamacare. Just reeks of weird but it is Detroit after all.

If they paid a non refundable deposit then I have to assume they are at least half serious but Say What?

**downtownguy** · October-26-13, 11:53 AM

Originally Posted by Cliffy

Ok I just read this paragraph in the detnews

County officials identified Van Horn as the winner of the auction, bidding $6,038,000. She remained unknown to county officials Friday evening. Records indicate there’s a family doctor in Ennis, Texas, by the same name. That doctor’s husband, George Van Horn, told The Detroit News the final bid was in error.

From The Detroit News: http://www.detroitnews.com/article/2...#ixzz2inZfvjKt

Yes, but he went on to say this:

That doctor’s husband, George Van Horn, told The Detroit News initially that the final bid was "not right” before ending the phone conversation. But in a text message late Friday night he said it wasn't an error.

In any case, this may provide a clue as to what happened.

The winning bid came through an “auto bid,” a function of the auction that electronically increases bids by $1,000 if buyers are outbid.

On most auctions sites, you can auto-bid but you also provide a highest amount you're willing to pay. Perhaps they added an extra "0" to the amount they actually meant to go up to.

**swingline** · October-26-13, 11:55 AM

The "winning" bid was either a screwup or some kind of fraud or scam. $6 million for that site is a fantasy. Might as well say $60 million. Anybody smart enough to accumulate that kind of money [[or be creditworthy enough to borrow it) would never be so stupid to pay such a price for that site.

Detroit News also reported that the Peruvian guy bid $2 million. That number doesn't seem legitimate either.

The most likely result is that a speculator will get control of the property for $500k or less. If the county hasn't resolved all the title problems, the number will be less. The speculator will lose the property in 2016 after the 2014 taxes go unpaid.

**Danny** · October-26-13, 12:45 PM

Good luck for that owner! He or she is going to need that place.

**Pazen Hingree** · October-26-13, 01:40 PM

who'd a thunk it?

**MikeyinBrooklyn** · October-26-13, 01:41 PM

Swingline, I would be surprised if it was a scam, because I think I read that bidders had to front some money [[don't remember the figure, but in the thousands) to show good faith in the bidding. Crazy to lose thousands as a big joke. Or maybe Matty will start the ramps to his new bridge at the Packard site! The bridge will vault over downtown and the river and land on Oullette.

Also, I thought the county couldn't auction property that didn't have clear title. Seems like fraud to sell something that you aren't sure you own.

I hope the site gets salvaged soon, or demo'd. Prefer reuse, but demo is better than perpetual decay.

**innercitydoc** · October-26-13, 02:20 PM

Originally Posted by DetroitPlanner

Less than a month ago she could have bought it for $1 million or less. Either she was drinking or something is going on!

She is 40 years old and a DO. DO's don't typically make as much as MD's. 2002 graduate. I am sure she is just getting out from under her bills. Yeah looks odd. http://www.healthgrades.com/physicia...ckground-check

UPPDATE: Her husband is from Detroit according to WWJ.

Not only that but she's a family practitioner, one of the lowest paying specialties next to pediatrics. She must be a straw buyer unless she comes from or is married to money.

**night-timer** · October-26-13, 07:17 PM

Whether they have any money or not, is this husband and wife team actually capable of doing something/anything with the Packard plant? [[And that's assuming they have the money in the first place!)

**Ben** · October-26-13, 10:34 PM

I thought the story was a joke when I first read it. I can't believe anyone would pay 6 Mil for that property. It's going to take a couple hundred million to get it into any workable condition. I just wish the Van Horns well and hope they help rebuild the Packard.

**p1acebo** · October-27-13, 11:25 AM

Originally Posted by DetroitPlanner

Less than a month ago she could have bought it for $1 million or less. Either she was drinking or something is going on!

She is 40 years old and a DO. DO's don't typically make as much as MD's. 2002 graduate. I am sure she is just getting out from under her bills. Yeah looks odd. http://www.healthgrades.com/physicia...ckground-check

UPPDATE: Her husband is from Detroit according to WWJ.

Not that this pertains to the thread but DOs make just as much as MDs when you compare them in the same specialties [[i.e. comparing a DO ortho surgeon to an MD ortho surgeon as opposed to a family physician). The only difference is that more DOs usually go into primary care, specialties that generally pay less.

I suppose in this case she is a family physician, which generally pays a little less... depending on how the practice is managed [[If they have in house X-ray/labs etc the practice can make much more than the average family practitioner).

**Honky Tonk** · October-28-13, 08:13 AM

Originally Posted by rb336

Texas. Ennis TX. Suburban Dallas. Who with connections to Detroit would have connections to someone in Dallas?

The Kilpatricks?

**Hypestyles** · October-28-13, 09:00 AM

I wonder was the site shopped around to/on the radar of Chinese-based investors at all? Considering the buildings that were purchased recently downtown...

**Honky Tonk** · October-28-13, 10:11 AM

Originally Posted by Hypestyles

I wonder was the site shopped around to/on the radar of Chinese-based investors at all? Considering the buildings that were purchased recently downtown...

Why would they need a shill to buy for them?

**corktownyuppie** · October-28-13, 10:59 AM

http://www.freep.com/article/2013102...-Jill-Van-Horn

Looks like she's the front person for a consortium of investors. Do I think this will get paid? I'm being optimistic and saying odds are 60%. This certainly seems much more plausible than the high-end residential proposal from the Chicago investor.

The successful bidder for Detroit’s Packard plant announced today that she and her investors plan to transform the abandoned and decayed auto factory into a modern production facility for modular homes and offices.“Modular homes and offices will be constructed on the site and shipped all over the word,” said Davis Marshall, a spokesperson for the winning bidder, Dr. Jill Van Horn of Ennis, Texas.
A family practice doctor, Dr. Van Horn won the property tax foreclosure auction on Friday with a bid of $6,038,000.
Today’s announcement is the first explanation from Van Horn regarding her interest in the Packard plant. The statement says Van Horn is joined by unnamed “partners and investors from Detroit, Wall Street and international firms.”

**detroitpride313** · October-28-13, 11:01 AM

Here's her explanation of what she plans to do with the site: http://www.freep.com/article/2013102...-Jill-Van-Horn

Apparently, it will be transformed into a factory for producing modular homes and offices. She's doing this along with “partners and investors from Detroit, Wall Street and international firms.” As usual, no time frame for the project has been announced...