Wow..That’s One Expensive Dawg House!
December 16, 2007
In the Karma is a M’fer category…the felonious Mike Vick took another blow when the site of his dog fighting days did not sell at auction.
For you investors out there you missed a steal of a deal..guess we missed it too. This was not his personal residence, that one is coming up soon. here’s the story:
Former Vick estate fails to sell at auction
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“I didn’t see the people in the crowd I thought we needed,” a disappointed Todd said after the auction held inside the house. He said he will list the property for sale.
Todd said it would cost about $1 million to build a similar house on 15 acres.
Vick, the suspended Atlanta Falcons quarterback, is serving a 23-month sentence for a dogfighting conspiracy. Vick and three co-defendants raised pit bulls and trained them for fighting in the rugged wooded area behind a 4,600-square-foot white brick house.
Vick paid about $34,000 for the tract in 2002 and had the house built. Behind the house and a full-size basketball court, partly obscured by a fence, are four outbuildings and dozens of dog cages.
According to court papers, some of the dogfights were held on the second floor of one of the outbuildings. There are other remnants of Vick’s “Bad Newz Kennels” dogfighting enterprise, including a metal pole and chain that was used to restrain pit bulls.
Hundreds of people — most of them just curious — toured the property during three open houses over the past week.
Vick sold the property for $450,000 to Todd, who spent an additional $50,000 fixing up the place, which had been trashed by burglars and looters.
“By the time you pay a commission and taxes, it gets eaten up real quick,” Todd said to explain why the nearly $250,000 he would have made from auction’s final bid was not enough.
The house has two master suites and a media room with wet bar. A double-sided gas fireplace separates the bathroom from the bedroom in the upstairs master suite.
Other amenities include jetted tubs, freshly refinished hardwood floors, a two-car garage and an expansive kitchen with center island, granite countertops and built-in stainless steel appliances.
This article clearly shows the positive affect that real auctions have on driving fair market value.It also serves as a example of the greed held by some developers in attempting to benefit at the expense of others.The auction company is also to be condemned for violating the basic rule of working with auction sellers:qualify your sellers before accepting the auction.
The auction brought the seller a 250,000 profit but he felt he wanted 1.2 million.Give me a break.Since when does a greedy developer determine fair market value.
The auction did what it was supposed to do;bring cash money to the auction on the day of the auction without any contigencies.
The fact that the developer said commissions would have cut into his profit was a joke.What commission?Was the real estate company serving as auctioneer going to charge 50% commission. The seller should have hired a real auction company.