Packard Plant's second-place bidder has not paid | Detroit Free Press | freep.com:"Time is running out for the second-place bidder in Wayne County’s auction for the old Detroit Packard Plant.
As of noon, Chicago-area housing developer William Hults had yet to wire the $2.2 million to back up his bid, said David Szymanski, the county’s chief deputy treasurer.
He has until the end of the business day.
Hults has a history of outbidding his bank account. Last month, he failed to deliver on his promise of a $1 million payment for the Packard site to consummate what was an exclusive, pre-auction deal with the county.
If Hults doesn’t pay today, the roughly 40 acres of industrial wasteland could fall into the hands of Spaniard Fernando Palazuelo, who finished third in the property’s tax foreclosure auction with a bid just over $2 million.
On Wednesday County officials gave up on the auction’s first-place bidder, Texas doctor Jill Van Horn, after she didn’t make a $2 million down payment on her winning $6 million bid."
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