Packard Forum Index » General

Ok, so the back tax auction concluded late Friday afternoon and the winning bid is over $6.0 million.

Newspaper reports say the highest bidder is Dr. Jill Van Horn and her husband from Ennis, TX, near Dallas. You can read about her here on her website:
drjillvanhorn.com/About_Us.html

Some Internet searching shows her husband is from Detroit and is the owner of Custom Car Design, specializes in auto-body repair and custom paint on classic cars. Prior to opening his facility in Texas, George owned Specialty Tree Service in Redding, Ca., diagnosing tree diseases....georgevanhorn.com/

The Detroit Free Press wrote:
George Van Horn.....confirmed that the couple bid on the property. Though he did not respond to other texts seeking further details, he did reply late Friday: "We will put out a statement Monday. It's not a mistake."
freep.com/article/20131025/BUSINESS06/310250107/Packard-Plant-auction-ending

The Detroit News wrote:
County officials identified Van Horn as the winner of the auction, bidding $6,038,000. That doctor's husband, George Van Horn, told The Detroit News initially that the final bid was "not right" before ending the phone conversation. But in a text message late Friday night he said it wasn't an error.

"We will be making a statement on Monday," he wrote. "Jill is the winning bidder as far as we know."
detroitnews.com/article/20131025/METRO01/310250092#ixzz2iqCqSuvz

Now we will have to see if they can come up with the money to buy the place, let alone pay any future property taxes or the security required to keep the place safe from intruders.

Will there be a pool on this one for when the bid fails or is otherwise seen to be in considerable error?

October 28, 2013: The latest update

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.

Quote:

Is this hyperbole, wishful thinking or was there actually more than one "investor" willing to bid. With all the vacant property in Detroit, I would think there are probably some better or less expensive options for building trailers.

I'm not a gambler but Pat's idea of a pool is starting to look more like a sure thing for some kind of return than the idea of fixing the property up and building modular structures will be.

No, actually the bidding was "frenzied."

"The auction extended after the 4:45 p.m. deadline on Friday in five-minute increments as participants upped their bids by sums of $1,000 to $4,000. It finally ended at about 5:20 p.m. after more than 110 bids."

So I would call that at least "spirited" bidding.

Now the latest:
detroitnews.com/article/20131028/METRO01/310280079#ixzz2j2Xhd5KD

"Chief Deputy David Szymanski said he emailed with the bidder Monday and plans to talk with someone at noon. But she hasn't paid the $6 million yet. Szymanski has said the deadline for payment is the close of Monday but acknowledged he may extend it.

"We are hopeful they are going to perform," Szymanski said.

Marshall said Van Horn's Detroit partners prompted her to get involved, telling her "you've got to do this. It can be an economic engine on the east side." Marshall said Van Horn's partners are land developers who have built "hotels, housing, doctor's offices."

As a part of the sale, the county will require the buyer to secure or demolish the property in six months or the county can seize the property back.

Marshall said it's too early to say how much of the plant they can save and how much would be demolished."

Whatever, there are PLENTY of vacant land and factory buildings in the Detroit area that are move in ready and without the need to remediate them first before you start building modular homes.

yeah this seems like a major waste of money to the investors if there is that much vacant and ready land.

i hope something DOES come of it, but i wont be holding my breath.

freep.com/article/20131028/BUSINESS06/310280070/Packard-plant-Jill-Van-Horn

The Dr. who bought it, is planning on turning it into a mobile home manufacturing and distribution.

saw this today

Attach file:

---

  (145.64 KB)

I was hoping to have my 56 Pat completed so I could drive it up next summer and take some pics of her back at the plant. I don't think I will make it.

Hello JRP III:

You do know that the Packard doorway is no longer at the PMCC Plant as they were auctioned off in 2008, correct?

autoweek.com/article/20080826/free/808269993

Another similar doorway that located farther down on East Grand Boulevard was saved and now stored at the Packard Proving Grounds.