Detroit offering mansions for $1,000 - CBS46 News

Detroit offering mansions for $1,000

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Would you buy a mansion for $1,000? If so, the City of Detroit might have exactly what you are looking for.

In an effort to revitalize its blighted areas, the city is auctioning off properties on a website and some of them are large. Among the featured properties is a 7-bedroom, 5-bathroom, 4,200 square-foot mansion. Another property is a 6-bed, 6,665 square-foot home with 2.5 bathrooms.

Before you get too excited, the site has the following warning at the top of its page:

Please note that the rehab cost will often cost more than the winning bid price. Failure to bring a property up to code within 6 months will result in forfeiture of property (9 months for historic properties).

Still, that wasn't enough to deter people during the last auction. Houses then sold for prices ranging from $15,100 - $42,100. Some of the homes this time around are bigger so they might sell for more. But, you never know, someone might walk away with a $1,000 mansion.

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