QUOTE
December 7, 2005
Square-inch plot is sold
Associated Press
SPENCER, Ind. — A Michigan real estate developer who was the highest bidder for a square-inch piece of land in Owen County came to town to pay $1,752 for the tiny parcel.
Burton Farbman’s real estate development firm now owns what could be the world’s most expensive piece of real estate. An acre of land at that rate would cost more than $10 billion.
“This property fits in with the 30 years we have been in business, where nothing has been too small or too large for our company to handle,” Farbman said when he paid for it Tuesday.
“My passion is real estate. It would be part of history to own the most expensive and smallest piece of property ever sold.”
The $1,752 covers the back taxes for the .0000000159 of an acre, which was put up for bid on eBay after it did not sell in a tax sale.
County attorney Richard Lorenz said after the story of the tiny parcel for sale was published, the county fielded questions about the land from Australia, Japan and Israel and got calls from newspapers and radio stations from all over the country.
Farbman offered to pay the future taxes — about $5 per year — on Tuesday, but the auditor said the money must be paid annually.
“So we will come back each year to pay our taxes and to visit the property,” Farbman said.
Officials think the tiny piece of land in the county west of Bloomington was deeded to someone in the 1960s, when people had to own property to use a nearby lake.
Square-inch plot is sold
Associated Press
SPENCER, Ind. — A Michigan real estate developer who was the highest bidder for a square-inch piece of land in Owen County came to town to pay $1,752 for the tiny parcel.
Burton Farbman’s real estate development firm now owns what could be the world’s most expensive piece of real estate. An acre of land at that rate would cost more than $10 billion.
“This property fits in with the 30 years we have been in business, where nothing has been too small or too large for our company to handle,” Farbman said when he paid for it Tuesday.
“My passion is real estate. It would be part of history to own the most expensive and smallest piece of property ever sold.”
The $1,752 covers the back taxes for the .0000000159 of an acre, which was put up for bid on eBay after it did not sell in a tax sale.
County attorney Richard Lorenz said after the story of the tiny parcel for sale was published, the county fielded questions about the land from Australia, Japan and Israel and got calls from newspapers and radio stations from all over the country.
Farbman offered to pay the future taxes — about $5 per year — on Tuesday, but the auditor said the money must be paid annually.
“So we will come back each year to pay our taxes and to visit the property,” Farbman said.
Officials think the tiny piece of land in the county west of Bloomington was deeded to someone in the 1960s, when people had to own property to use a nearby lake.
