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.

Packard Plant: One last look

Published On: Apr 10 2012 11:36:48 AM EDT   Updated On: Mar 09 2012 01:11:57 AM EST
One last walk through the infamous auto plant

The Packard Automotive Plant, at one time considered the most advanced auto plant of its time reminds us of a period when Detroit was an industrial powerhouse. Built around 1910 the plant was the home of the Packard Automobile, one of many luxury lines produced in Detroit. The plant closed its doors in 1958 and still stands today awaiting a looming demolition. 

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Sal Rodriguez

With word of demolition, Farewells are already being made.