DETROIT (WXYZ) - If you want to own Detroit's massive Packard Plant, you better act fast. Bidding was scheduled to end today at 4:45 p.m. for the industrial wasteland on the city's east side, but auction activity continues to push that time back as the price climbs.
Deputy Wayne County Treasurer David Szymanski said Friday morning that bidding for the Packard Plant property (and its structures) had reached more than $220,000. Through the afternoon, that price shot up. The Packard Plant now has over 100 bids and the property will now fetch at least $6 million.
FOLLOW BIDDING LIVE: https://wayne.realforeclose.com/index.cfm?zaction=home&zmethod=AGLIST&AGID=542
While this round of the county's property auction is scheduled to end at 4:45 p.m. today, Szymanski tells 7 Action News that bidding is extended if anyone submits a bid in the final five minutes of an auction. Sometimes, if bidding is competitive, those extended auctions can continue for several hours, he explained.
So, who is trying to buy the gigantic Packard Plant? We will know soon.
Szymanski says, "We will likely reveal the name of the [winning] bidder next week, although depending on who it is, it could be much sooner."
In September, WXYZ's Detroit 2020 toured the area with potential buyer Bill Hults, an investor from Chicago. Hults had grand plans for the area, but did not make the purchase at that point, before the start of the auction - when he would have had to pay its delinquent tax bill.
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