Re: Packard Plant (Maybe) Sold - $6.0 Million

Posted by RogerDetroit On 2013/10/28 11:35:23

October 28, 2013: The latest updatehttp://www.freep.com/article/20131028/BUSINESS06/310280070/Packard-plant-Jill-Van-Horn

The Texas doctor who won last week's auction for Detroit's Packard plant announced today that she and her investors plan to turn the abandoned and decayed factory into a modern production facility for modular homes and offices.

"Modular homes and offices will be constructed on the site and shipped all over the world," said Davis Marshall, a spokesperson for the winning bidder, Dr. Jill Van Horn of Ennis, Texas.

Dr. Van Horn won the Wayne County property tax foreclosure auction on Friday with a $6,038,000 offer that capped a frenzied bidding war.

A family practice doctor, Van Horn appears to have little, if any, experience in real estate development. Today's announcement was the first explanation of her interest and intentions regarding the Packard plant.

The statement says Van Horn is joined in her venture by unnamed "partners and investors from Detroit, Wall Street and international firms."

The rumor around here is that this makes no financial sense and the deal will eventually fall through.