A student in Chicago won a house on eBay for US$1.75 only, a listing which only attracted eight bids. The house in Sanigaw, Michigan is one of the many that has been abandoned in Sanigaw. Even though the house closed on eBay at US$1.75 only, the winner has to pay approximately US$850 in back taxes and yard cleanup costs.

The winner, Joanne Smith, 30, says she has no plans to move to Sanigaw and in fact, has never seen the house before, or even visited Sanigaw before but she plans to sell the house. I guess this is her idea of property investment. After all, she is a finance student.

I wonder if the winning price comes with the land as well but apparently even Joanne Smith does not know. However, she had been prepared to bid up to US$20 for it, just for lark.

Source: The Associated Press