Bill Hults has paid the $100,000 nonrefundable deposit needed to buy the Packard Plant after winning it in a Wayne County foreclosure auction, according to The Detroit News
Chief Deputy David Szymanski confirmed the payment by Bill Hults at 4:45 p.m. The developer also proved he has the cash to pay the full $2,003,000 by Monday to complete the deal, Szymanski said.
Hults already tried to purchase the plant earlier this year for $1 million in back taxes on the property, but didn't come up with the funds in time.
He will now try again, paying double.
Hults was the winning bidder for Detroit's big hulk only after Texas resident Jill Van Horn either failed to come up with the required $2 million deposit or punked the entire city of Detroit.
If Hults does not meet the Monday deadline for the full amount, the treasurer’s office is expected to turn to the third-highest bidder, a developer from Peru whose last bid was $2,002,000.
Hults will have to attempt to secure the property or demolish it within six months or risk having it seized back by Wayne County.
Bill Hults' rendering for his proposed Packard Plant development, "Villages of Packard."
