SOLD!

So how much do you think it would cost to buy a complete county worth of foreclosed homes, plus pay off the back taxes?  Well one millionaire found out.

Bill McMachen 

According to reports, "Bill McMachen, a businessman and former yacht dealer, paid about $4.8 billion for all 650 tax foreclosed properties at Macomb County's July 31 sale."  McMachen told MyFoxDetriot, "I got a deal nobody else could have got.  I paid all the back taxes that was due and that's what the county wanted."

McMachen decided to go into the real estate business and scooped up the properties at a July auction in the county.  Other bidders were a bit confused after making time to attend the sale of the properties only to watch them disappear in a matter of minutes.  One Canadian businessman said his company was prepared to offer a much higher price for the properties but was never given the opportunity.

The new owners of the properties told reporters that he was willing to sale the homes back to individuals who were interested at near auction prices.  For more on this story please go to the following website below.

http://www.foxnews.com/us/2012/08/06/millionaire-buys-every-foreclosed-home-in-michigan-county-for-48-million/#ixzz22lVNbBrM