A Mystery Bidder Offers $3 Million for 6,000 of Detroit's Worst Homes

"Three million dollars can barely buy a new townhouse in Brooklyn these days, but it could be enough to purchase a bundle of more than 6,000 foreclosures up for auction in Detroit.

The cost of dealing with the many blighted buildings included in the Detroit mega-auction means a $3.2 million bid received last week—roughly the minimum allowable bid of $500 per property—will likely prove too high to turn a profit. “I can’t imagine that you are going to make money on this,” says David Szymanski, chief deputy treasurer of Wayne County, which is selling the properties."

http://www.bloomberg.com/bw/articles/2014-10-24/buying-derelict-detroit-mystery-bidder-wants-6-000-foreclosed-homes