3rd bidder for Detroit's Packard Plant posts $40,000 deposit

Fernando Palazuelo has until Dec. 18 to finish paying total price of $405,000

By Halston Herrera - Digital news editor

DETROIT - The third person in line to buy Detroit's old Packard Plant has made good on a $40,000 down payment.

Wayne County Treasurer's Office spokesman David Szymanski said Wednesday the county had received the unrefundable deposit money from Fernando Palazuelo, a developer from Peru.

Palazuelo's total purchase price will be $405,000. The remainder of the money is due Dec. 18.

The Packard Plant was auctioned in October having been foreclosed due to the nonpayment of taxes. 

The two bidders before Palazuelo had offered $6 million and $2 million for the plant, but their bids were canceled when they failed to meet payment deadlines.

Read: No deal: Texas group won't get Packard Plant

Read: County cancels Chicago developer's $2M bid for Packard Plant

Szymanski said Palazuelo was supposed to wire transfer money on Monday, but that didn't happen because of bad information.

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