Bids Scrapped In Eminem Home Auction
The price on rapper Eminem's Warren, Mich., boyhood home has come down from $12 million to $75,000 on Internet auction site eBay. When bids for the two-story house had reached as high as $12 million wThe price on rapper Eminem's Warren, Mich., boyhood home has come down from $12 million to $75,000 on Internet auction site eBay. When bids for the two-story house had reached as high as $12 million weeks ago, the owners of the house, Roland Fraschetti and Sebastian Lucido, hired a company to weed out phony bids.
About 300 old bids were scrapped. A new round of bidding started Dec. 5, with a minimum bid of $120,000 set by the owners. Bidding ends at 8 p.m. Sunday (Dec. 15). So far the best offer has been $75,000, said Fraschetti, a Macomb County commissioner from St. Clair Shores and a 25-year real estate veteran. Under eBay rules, if the minimum bid isn't met, the seller doesn't have to sell.
"I had the home sold for $64,000 before I put it on eBay in June, so $75,000 is a better offer," Fraschetti told The Detroit News. "The $75,000 is from a qualified bidder."
Fraschetti and Lucido bought the 62-year-old, 1,300-square-foot home in June for $45,000. The home was valued by the city at $91,000.
The owners hired around-the-clock security guards for $8,000 to keep the house safe during the bidding because news of the auction brought visitors to the house. They also paid $4,000 to fix the foundation and $3,000 to investigate bidders.
Fraschetti said he hopes the house will sell for $120,000. "I will let the market decide if the home has extra value because it's Eminem's home," he said.
The house is one of three in the Detroit area with Eminem connections that have been on eBay. A 5,000-square foot colonial in Sterling Heights ended up with a bogus bid of $99.9 million. The owner of that home, Darren Martens, said he expects to sell that two-story house for about $2 million.
The owner of another Eminem house in Detroit put his 47-year-old house up for sale on eBay with a minimum bid of $500,000. But there were no takers when the auction expired Wednesday.
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