More than two years after the sale of the home that once served as a base for a notorious serial killer, the city of Detroit has sold off a large chunk of its real estate holdings to help the city pay off its debt.
A $1.2 million house in the city’s historic River Heights neighborhood was sold to a wealthy real estate investor for $850,000 to a woman who owns a company that specializes in the sale and rental of homes.
The sale also included a $200,000 home in the Detroit River, which is the most desirable neighborhood in the country.
The property sold at a price of $850.95 million, or about $1 million less than what Detroit was originally asking for, according to the Michigan Department of Finance.
That price tag puts the sale a step below the $2.2 billion the city was originally seeking.
The city had been seeking $1 billion.
The sale came as Detroit struggles to rebuild from the aftermath of the Great Recession.
Since January, Detroit has gone from a city with about 7,300 vacant homes, nearly all in the Downtown area, to having nearly 8,500.
The city also is still trying to recover from the financial devastation of the bankruptcy of Bank of America, which shuttered its Detroit branch, which led to many more people leaving the city.
In addition to the sale, a second house in Detroit’s historic Woodward neighborhood was also sold to someone who is currently in foreclosure on the home.
The owner of the two houses was not immediately available for comment.