Marina owner buys all Macomb properties at auction for $4.7 million | The Detroit News | detroitnews.com1
August 1, 2012 by Benji
There are a lot of people who are impressed with this, and just as many people who are upset about this. All I can say is this shows confidence in the Michigan real estate market as much as anything else!
BY SERENA MARIA DANIELS – THE DETROIT NEWS
The owner of a Macomb County marina on Lake St. Clair surprised hundreds of investors at a county property auction this week when he walked in and offered $4.7 million for more than 650 foreclosed-upon parcels, county officials said.
Bill McMachen, owner and founder of MacRay Harbor Resort, arrived at the county Treasurer’s Office tax auction just before 11 a.m. Tuesday and, on behalf of a handful of other investors, bought all 657 residential, vacant, industrial and commercial properties, Macomb County Treasurer Ted Wahby told The Detroit News on Wednesday.
“Clearly the market in Macomb County is attractive enough for someone to pay upwards of $4 million to invest in,” Wahby said.
The large-scale bid, the biggest of its kind, came as welcome news to the Treasurer’s Office. Some 300 investors hoping to bid one-by-one on the properties were refunded the $500 they deposited in order to register for the annual auction.
McMachen could not be reached by phone or email Wednesday. County officials said they did not know what McMachen intends to do with the properties.