Millionaire could flip whole county, buys all 650 foreclosed homes8/6/2012
We're guessing Bill McMachen played a lot of Monopoly as a kid. The Michigan millionaire showed up at a Macomb County property auction and walked out with 650 new homes — i.e. every tax-foreclosed property in the county. McMachen bought them all for $4.8 million total: the combined cost of their delinquent taxes. Although the county treasurer is delighted by McMachen's fat bankroll ("I have to collect the taxes, and that's what we did," he said.) some would-be buyers say they weren't even given a chance to bid. McMachen plans to sell his properties and has the potential to make a $2 million profit. He also said he "might" donate some of them to the needy. [Source]
Do you think what McMachen did was fair?