(FOX NEWS) A Michigan millionaire decided to go into the real estate business with a bang last week by buying every tax foreclosed property offered at a recent county auction.

MyFoxDetroit.com reports Bill McMachen, a businessman and former yacht dealer, paid about $4.8 million for all 650 tax foreclosed properties at Macomb County’s July 31 sale.

Authorities had announced at the auction that the properties could be sold as a package deal for the price of the back taxes, which totaled about $4.8 million. McMachen jumped at the chance.

 

  • Text smaller
  • Text bigger
Note: Read our discussion guidelines before commenting.