If you’re a celebrity or just going to jail in a heavily media covered case, you might benefit from a real estate auction. Although the seller of Michael Vick’s dogfighting compound
failed to sell, the “developer” who bought the place certainly got a lot of attention for the sale. Jack Welch was successful in
selling his CT property at auction. The property lagged on the market for 3 years before he turned to auction to get it sold quickly, definitely using his notoriety to attract attention to the sale.
Meanwhile, the seller of the Vick property rejected a bid of close to 300K more than what he bought for a few months earlier from Vick. Somebody needs to let him know it’s not 2005. I’m sure Vick isn’t going to be happy when he gets out of prison, having potentially left that kind of cash on the table.
We just saw another famous guy, (well, made famous by insurance fraud) put his property up for auction. It didn’t seem like a forced sale, since
Robert Stokes has “set a minimum” for the auction. It’s getting a lot of media attention and that might well drive up the price.
