A man in Italy bought the small Texas town of Albert on eBay for $3.8 million on Friday. That’s awesome. I wish I had my own town. Lucky jerk. Good for him, though.
Nobody currently lives in the town, but there’s a bar that’s open on the weekends. Go figure. The town is about 13 acres large and includes "a pavilion, an 85-year-old dance hall, a tractor shed, a three-bedroom house, plus peach and pecan orchards."
That actually sounds like kind of a good deal for $3.8 million even in light of the fact that the reserve price was set at only $2.5 million. Apparently this is the second town to be sold on eBay (Bridgeville, California was the first).
It’s sorta like the Luckenbach thang
Gee, My mother-in-law has 280 acres and I can only imagine she would LOVE to get $3.8 million for it. I guess all I must do is get her to set it up as a town. Geez.
So what does “buying a town” mean? Does the town generate positive income? Will he be able to levy taxes like a king? It kinda sounds like that this town is worthless.
Lets see-
A)13 acres in rural texas = thumbnail value 15,000 +/- 5%
B)various dilapidated structures on property = negative 10,000 USC to demolish
C)Small antiquated home on site 15,000 USC, +/- 10%
total assessed valuation = 20,000-22,500 USC
Price paid = 3.8 million
conclusion- the stupid rich walk the earth, be afraid, be very afraid