Gilbert buys former Globe Tobacco Co. building for $3.3 million

[innercitydoc]

To go along with his Lebron purchase..

http://www.crainsdetroit.com/article/20140711/NEWS/140719974/gilbert-buys-former-globe-tobacco-co-building-for-3-3-million

[Danny]

He keeps on buying Detroit.

Welcome to Gilberttown, A Delta City wonder.

[DetroitPlanner]

Very nice purchase!

[Malcove Magnesia]

I wonder how many of his purchases are mortgaged?

[DetroitPlanner]

I wonder how many of his purchases are mortgaged?

ZERO, he know how bad of a deal a mortgage can be.

[emu steve]

ZERO, he know how bad of a deal a mortgage can be.

That's interesting.

As the properties are bought by Bedrock [[or whatever the property owning arm of Quicken Loans is), Bedrock isn't a billionaire [[insert Corporations AREN'T People* rejoinder here - Bedrock doesn't have Gilbert's personal wealth, it has access to some of Quicken Loans' assets).

I assume most every big purchase, expansion, etc. these days are financed by corporations using bonds, stocks, etc. as source of capital.

* BTW, when I was in business school decades ago, I though I learned, unbeknownst to Mitt Romney, that individual took a business that started as a sole proprietorship or partnership and incorporated it - as corporations are treated much, much, much differently than enterprises owned by individual[[s).

Sure lot had to do with selling stock, etc. and a lot with potential liability in the case of bankruptcy, lawsuits, etc. [[i.e., you can sue my company but you can't touch my assets personally).

I haven't kept up with LLC, etc.