Is $5 million fair for fairways?
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#1 Jun 15, 2006
The problem is this: No buyer in any such transaction may maintain anytihng other than a public golf course on the premises, simply because the current vested title holder never acquired the right to develop the property. The City of Detroit never acquired the right because the conveyance from the Rackham family contained an explicit deed restriction. As such, the current titleholder cannot convey such privelege to any purchaser. If the city doesn't have the right, it can't sell the right. Case closed.
Presumably, if Premium Golf LLC (the proposed buyer) cannot overcome the deed restrictions, the site will remain a golf course whether they buy it or not. But, if PG does overcome the restriction, it will represent outright theft from the Rackham heirs. The only proper way to acqurie unrestricted interested in the property is to gain consent of the heirs, whoever and wherever they may be. Anything to the contrary would constitute an undue excercise of power by the current titleholder.
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