Get Rich Quick Schemes Never Work Part II

Wilbur Ray Todd bought Michael Vick's infamous house on Moonlight Road in Smithfield, Virginia for $450,000 earlier this year. He spent another $50,000 on fixing it up and tried to sell it at auction last week.
His auction failed. He started the bidding at $747,000 (the county assessed value). The only bid was for $345,000. Eventually someone did offer $747,000, but Todd turned it down, obviously thinking the horrible things that occurred on this property should give it a premium on the market.
Todd was clearly trying to profiteer from the horrors that occurred there, billing the home as "The Michael Vick House" and leaving untouched all the remnants of dogfighting in the backyard.
But Todd isn't quite the businessman Vick is.
Vick bought the property for $35,000 in 2002, the built the house (and the buildings in the backyard) on the land and it flipped it 5 years later for $450,000. Todd is stuck with a half-million dollar investment in an area of Virginia that doesn't necessarily have too many high end homes.