Thursday, December 20, 2007

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.

The Vick House - 1915 Moonlight Road
the bedroom where some of the leeches and turncoats who brought down Vick stayed
This guy doesn't have $750,000 to bid on this house, he's just an idiot Vick fan
The buildings in the back where the dog fights took place were left untouched
didn't Billie used to have that same jacket?

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