Rob, if it was the original lender, he might as well have paid $25 million an
acre, it would have been little difference. In most states when a lender
forecloses on land, je can't legally just seize the land. It must be auctioned
off. To prevent the land from selling to a thrid (or would it be second) party
for $2K an acre and the lender being screwed, he takes possession of the land
by bidding absurdly high. He's just bidding to pay himself, so what does it
matter what he bids. Then in full legal possession of the land once more, he
can then sell it or develop it as he sees fit.
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