Last week the Packard Plant sold for a whopping $6 million dollars at auction. The auction started at $21,000 and shot up out of nowhere to the astronomical amount. I was watching the action live and thinking to myself, "Does this person know what they're buying?". How can purchasing the Packard Plant for $6 million be lucrative in any way? You would have to invest millions more just to clean the site and the complex is far from being able to be saved. The construction method that was used to build the plant makes it a difficult job to demo with it being all cement and rebar and the place is constantly on fire. The winning bidder for the plant is a female doctor from Texas. She has since voiced her plans for the site stating that it will be used as a manufacturing facility for modular homes and offices. She has stated that she has investors helping with the project but that she wishes to keep them anonymous. What's really going on? Who just drops six million dollars on a huge lump of shit? There's plenty of open land in the city to invest a much smaller amount into to achieve the same working space. The whole thing sounds a bit odd to me. I guess that only time will tell, but at this point I'm skeptical. We'll see what happens...
Update 11/30/14
The bidder on the Packard Plant failed to come up with the $2 million dollar deposit in time and now the second highest bidder is being put on the hook for the purchase of the plant. This is becoming increasingly uninteresting...
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