Wayne County cancels Packard Plant sale after buyer misses deadline, offers it to second bidder
1:08 PM, Oct 30, 2013
10:35 PM, Oct 30, 2013
DETROIT (WXYZ) - The Wayne County Treasurer says the sale of the Packard Plant to Dr. Jill Van Horn, a Texas physician who was the highest bidder in the recent auction of the derelict property, has been canceled.
Van Horn had bid $6,038,000 for the Packard Plant.
In a news release, the office of Ray Wojtowicz says the sale was canceled after the Treasurer did not hear from Van Horn by noon that a $2 million partial payment would be executed by close of business.
The plant is now being offered to the second place bidder, Packard Detroit LLC. The Treasurer's office says Packard Detroit LLC is now responsible for payment of $2,003,000. It is anticipated that payment will be made by close of business on Thursday.
Packard Detroit LLC is run by Chicago based investor Bill Hults. Hults told the Detroit 2020 team that he plans to develop the plant into a mixed use space of commercial and residential space.