DETROIT - The deal is off for a Texas group to take ownership of Detroit's old Packard Plant.
Wayne County's Chief Deputy Treasurer David Szymanski told Local 4 on Wednesday the deal between Dr. Jill Van Horn, of Ennis, Texas, and her investors was canceled due to "failure to perform."
Szymanski said the money wasn't ready.
"The bid was awarded Friday at five. She should have paid Monday. She didn't. We extended it until today but needed a commitment this morning that they would pay a two million dollar deposit. They have not indicated they can perform," he said.
Van Horn was the original winning bid of just more than $6 million, and was the last of 117 bids that started at $21,000.
The group had announced they were planning on building homes and offices on the site -- which houses a 3.5 million square--foot complex sprawls across 35 acres.
Szymanski said the attention now moves to the second-highest bidder: Chicago developer Bill Hults.
Szymanski said Hults has until end of business on Thursday to get the county money.
Previous stories related to the Packard Plant sale:
- Texas group plans to build homes, offices at Packard Plant
- Packard Plant sells at auction for $6M
- Packard Plant: One last look
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