Michigan lieutenant governor sells troubled real estate
DETROIT (AP) — Michigan’s lieutenant governor has sold a fire-damaged Detroit apartment building at a loss after spending about $226,000 to try to revive it.
A spokeswoman for the Detroit Land Bank Authority says the eight-unit building was sold for $190,000 to a real-estate company. Garlin Gilchrist II purchased the vacant building from the Land Bank in 2016.
The property became an issue in the fall campaign when neighbors complained about the eyesore. Records obtained by The Associated Press earlier detailed the planned sale .
The Land Bank had to approve the deal. The Detroit News reports the sale closed Feb. 21.
Gilchrist initially bought the building from the Land Bank for $13,500. On Thursday, he noted the sale went through and said: “We are excited about the fact that I get to serve the people as lieutenant governor.”
Information from: The Detroit News, http://detnews.com/