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A Mystery Bidder Offers $3 Million for 6,000 of Detroit's Worst Homes

A sampling of Detroit's 6,000 "Blight Bundle" properties
A sampling of Detroit's 6,000 "Blight Bundle" propertiesPhotographs by Wayne County Treasurer’s Office

Three million dollars can barely buy a new townhouse in Brooklyn these days, but it could be enough to purchase a bundle of more than 6,000 foreclosures up for auction in Detroit.

The cost of dealing with the many blighted buildings included in the Detroit mega-auction means a $3.2 million bid received last week—roughly the minimum allowable bid of $500 per property—will likely prove too high to turn a profit. “I can’t imagine that you are going to make money on this,” says David Szymanski, chief deputy treasurer of Wayne County, which is selling the properties.