"Good Ole Boy" Profits $228k In Flipping Property
The old social security office building on Oak Grove sat idle for years. Fifteen months ago it sold for $600k. Last month it sold again for $828k.
As Americans our culture thrives on such opportunities seized…but do you feel the same after you find out it was the citizens of Poplar Bluff footing the bill?
It was the City of Poplar Bluff who, last month, bought that old building and lot at a premium price giving the “flipper” a $228,000 profit in 15 months. According to the Recorder of Deeds:
- 11/17/2011 – property purchased by a local businessman and wife for $599,000
- 11/21/2011 – financed by local bank for $600,000
- 2/19/2013 – City purchased property for $828,000
If the “flipper” just happened to be a lucky guy, that’s one thing…but that’s not the way this one smells:
- The “flipper” sits on the executive board of that local bank
- Our city manager sits on the executive board of that local bank
- The owner of the engineering company currently slated for this project sits on the executive board of that local bank
It is my opinion that this is an incestuous manipulation of the market and abuse of taxpayer money…other people just call it the “Good Ole Boys” club.
I think it’s time for that club to be dismantled.