'I Screwed It Up': Cost of a Typo In Iconic Art Deco Buildings Auction

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Typos can be costly.

No one knows that better than Livonia developer Dylan Borland, who told the Detroit Free Press he “couldn’t backspace fast enough” to erase some of the zeros he put on his bid to buy the iconic Fisher and Albert Kahn buildings in an online auction that ended Wednesday.

The properties sold for $12.2 million to an investment group made up of one of Manhattan’s leading luxury condominium developers, HFZ Capital, and Southfield-based Redico and veteran Detroit developers Peter Cummings and John Rhea.

The Borland Group was involved in a last-minute flurry of bidding with the HZF/Redico team. Borland had the winning bid at $12 million, then HFZ/Redico added another 200 grand to the deal. Borland planned to enter a bid of $13 million, but entered $13 billion instead.

Yikes. Time ran out before he could correct his bid.

“I screwed it up,” he good-naturedly admitted to the Free Press. “I’m not a technology guy ...”

HFZ/Redico still has to close on the deal. If that falls through, Borland said he would still be interested in the art deco treasures, which date back to a time when Detroit was flush with cash and was one of the wealthiest commercial centers in the country.

Related:

• Fisher Building, ‘Detroit’s Largest Art Object,’ On Auction Block: Gallery
• Mystery Buyer Spends $12.2 Million for Iconic Kahn Buildings

Borland told the Free Press he planned to call HFZ to see if the company is interested in selling the properties to him. If he’s able to to convince HFZ to flip the property, he favors a commercial development, with office space on the upper floors and retail in the lobby areas.

The HFZ/Redico team plans a “true urban” mixed-use development with retail, residential and entertainment uses. Dietrich Knoer, Redico’s chief investment officer, told the Free Press that the New Center area, where the buildings are located, is next in line in the rebirth of Detroit’s downtown.

Rhea, managing partner of RHEAL Capital Management, told the newspaper the buildings can “resume their rightful place as anchors in this important reemerging Detroit community” with the right oversight and investment.

Closing on the properties, which include more than 2,000 parking spaces, will take place around July 1.

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Photo via auctions.com