Renaissance

Herb Strather Spends $3.1 Million For 6,350 Mostly Dilapidated Detroit Properties

October 29, 2014, 7:38 AM

Developer Herb Strather was the sole bidder for a bundle of 6,350 mostly dilapidated and vacant tax-foreclosed Detroit properties during an online auction that ended Tuesday afternoon, Christine MacDonald reports in The Detroit News.

Strather and his partners in the company Echo Solutions must come up with a deposit of 10 percent of the winning $3,183,500 bid within 24 hours and pay the total amount in 14 days.

Wayne County Treasurer Raymond Wojtowicz, in collaboration with Mayor Mike Duggan, bundled the properties in an online auction that began in mid-October. The hope was to discourage tax deadbeats. If no buyer came forward, the Detroit Land Bank was expected to take the homes, demolish the rundown ones and auction those that are salvageable to qualified bidders.

Strather is a one-time casino investor who runs his own real estate school called Strather Academy. He was involved in the Woodbridge Estates development that replaced the Jeffries Housing project in the early 2000s and was the major owner of the Hotel St. Regis when it went into receivership in 2009.


Read more:  The Detroit News


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