Winning bid for Detroit's Packard Plant canceled - New York News

Winning bid for Detroit's Packard Plant canceled

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The Packard Plant, a once sprawling Detroit car plant The Packard Plant, a once sprawling Detroit car plant

DETROIT (WJBK) -- Wayne County officials have canceled a $6 million winning bid from a Texas doctor who wanted to build modular homes and offices at the site of the Packard Plant in Detroit.

Wayne County's Chief Deputy Treasurer David Szymanski says Dr. Jill Van Horn failed to pay a $2 million partial payment by Wednesday's noon deadline. Van Horn, a family practice physician from Ennis, Texas, won the property tax foreclosure auction last week with a bid of $6,038,000.

"Consistent with office policy those bids of the nonperforming bidder are canceled," said Szymanski in a statement.  "This results in the price being lowered to that of the next existing contested bid."

The office says the second-place bid came from Chicago developer William Hults, owner of Packard Detroit LLC, for $2.003 million, but Hults could have bought the land for one million dollars before the auction but could not come up with the cash. Now he'll have to pay two million.

If Hults does not pay, the land could go to the third-place bidder, Peruvian developer Fernando Palazuelo.

Hults has until 4 p.m. Thursday to transfer the funds.

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