Michigan millionaire buys all foreclosed homes at auction for $4.8 Million

MyFoxDetroit.com reports Bill McMachen, a businessman and former yacht dealer, paid about $4.8 million for all 650 tax foreclosed properties at Macomb County’s July 31 sale.

He upset quite a few number of other investors that were willing to pay more for the homes. The Michigan County government settled on receiving the back taxes instead. One Canadian investor said the county’s decision was puzzling, as his company had spent weeks preparing a much higher bid.

“The price we were willing to pay is like three to four times what they’re asking,” he told MyFoxDetroit.com. “If we knew it was going to happen like this, we wouldn’t even have spent any time. They could’ve made more money, I mean triple the money they made.”

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