Hold out House in Iltichville burns to the ground

[Lowell]

Just noticed this in a Crain's email. For those not familiar, the owner was holding out acquisition by the Ilitch's for somewhere between $2-4 million. Let the wisecracks begin. "Woo hoo, more parking"?

[Honky Tonk]

"Hold Out House In Iltichville Destroyed By Fire"


Huh, funny how that happened.

[401don]

Does it really change anything though, other than getting rid of an eyesore? The structure was never worth anything.

[Zacha341]

More photos...

https://www.clickondetroit.com/news/...na-burns-down/

[stasu1213]

Hope that he had insurance

[401don]

Hope that he had insurance

Why? Again, the structure was worthless - unless of course it was insured, in which case that's a motive to torch it. More likely just squatters lighting their drug of choice.

[mikeg19]

It's probably actually more marketable now that there won't be any demo costs. Raise the price to $5M.....

[Gistok]

It's probably actually more marketable now that there won't be any demo costs. Raise the price to $5M.....

Actually the house was originally listed for $5 million back in 2017... the seller kept dropping the price... here's when it was dropped to $4.79 million...

https://www.freep.com/story/news/loc...use/607699002/

[Sehv313]

Does it really change anything though, other than getting rid of an eyesore? The structure was never worth anything.

I think it more so speaks to the Illitch’s showing the owner that their going to get that land legally or illegally. I’m sure the crackhead son may have hired one of his Cass Corridor buddies to firebomb the place. No one else had anything to gain from destroying this property.

[Sehv313]

It's probably actually more marketable now that there won't be any demo costs. Raise the price to $5M.....

No, the price may drop to $1.2m now. Now that it’s a lot it can lower taxes for the owner because there is nothing of value on the lot. Think of it like this; The Detroit land bank sells homes starting at $1k and lots at $100. If a blighted home on the land bank sells for $7K the lot next to it will still be selling for $100. Lots dramatically lower value wether the property that was on it before is blighted or not. The owner should still get at least a million now but that hopeful $4.5m price is now gone.

[Sehv313]

Why? Again, the structure was worthless - unless of course it was insured, in which case that's a motive to torch it. More likely just squatters lighting their drug of choice.

The structure, although neglected was definitely not worthless. The location made the structure expensive. This is Detroit, there are nice homes in the hood that are still worth less than blighted properties near downtown.

Think about it. Why would the owner wait it out for years against the illitches just to do an insurance job all of these years later? That’s not smart business. The owner is being targeted. They are trying to force the owner to sell by any means necessary.

[Gistok]

^ I think that the owner also got tired of paying 10s of thousands of dollars in fines... which is why the price kept dropping. The Ilitches were holding out because they knew that they could wait out the seller until the price was right.

Any speculation about the house burning down via Ilitch family arson is just that... unsubstantiated speculation. The Ilitch son with drug issues lives in Florida.

[ABetterDetroit]

^ I think that the owner also got tired of paying 10s of thousands of dollars in fines... which is why the price kept dropping. The Ilitches were holding out because they knew that they could wait out the seller until the price was right.

Any speculation about the house burning down via Ilitch family arson is just that... unsubstantiated speculation. The Ilitch son with drug issues lives in Florida.

I thought the Ilitch son with ‘drug issues’ was dead. Is there another?

[Gistok]

I thought the Ilitch son with ‘drug issues’ was dead. Is there another?

Nope, my bad... I thought Michael Ilitch Jr. was the druggie, but he's into film making. Yeah Ron Ilitch is dead of a fentanyl overdose.

[Richard]

^ I think that the owner also got tired of paying 10s of thousands of dollars in fines... which is why the price kept dropping. The Ilitches were holding out because they knew that they could wait out the seller until the price was right.

Any speculation about the house burning down via Ilitch family arson is just that... unsubstantiated speculation. The Ilitch son with drug issues lives in Florida.

The structure no longer being there also removes the possibility of the city foreclosure on the property because of the fines.

If that is possible in Detroit,in Florida code enforcement fines are considered paper fines,they cannot be used to take your homestead property or equal over 30% of the value,but in a case like this where it is doubtful that property is homesteaded they would not hesitate to take that property.

[Sehv313]

^
Any speculation about the house burning down via Ilitch family arson is just that... unsubstantiated speculation. The Ilitch son with drug issues lives in Florida.

Even a blind man can see that this is clearly the IllitchÂ’s work as they are the only party to gain something from this. But sticking this to them will never work so why even bother.

[Danny]

I was indeed ARSON for insurance money. Me wonders if the Illitches has something to do this plot?

[Burnsie]

At any rate, if we're lucky we'll get another lighted and landscaped parking lot!

[Sehv313]

I was indeed ARSON for insurance money. Me wonders if the Illitches has something to do this plot?

Illitches have the most to gain from this.

[Scottathew]

Illitches have the most to gain from this.

What do they have to gain?

The land is what's valuable, not the house. It doesn't affect the value of the property in a significant way. No one lived there. They still want the land.

Don't get me wrong, the Illitches suck, but I just don't understand what they would have to gain if this house burnt down.

My guess is that it was drugs, arson, or insurance fraud.