An empty Oakland lot just sold for $10, but the million-dollar headache comes free.<\/p>\n
A long-neglected vacant lot in East Oakland has officially changed hands for just $10, but the dirt-cheap price tag doesn\u2019t tell the whole story. The new owner is also inheriting years of financial baggage tied to the property, including roughly $1.7 million in unpaid taxes, penalties and liens, according to\u00a0KQED<\/a>.<\/p>\n This week, Alameda County supervisors approved the symbolic sale of the 15,000-square-foot parcel at 8215 MacArthur Blvd. to the Black Cultural Zone Community Development Corporation (BCZ), a nonprofit focused on community revitalization and affordable housing.<\/p>\n \u201cWe\u2019ve been waiting for this for a long, long time,\u201d said Supervisor Nate Miley, per\u00a0SFGate<\/a>. \u201cWe want to have other tax-defaulted properties being made available for affordable housing; this is a strategy we earnestly want to pursue.\u201d<\/p>\n The property has spent the better part of three decades collecting little more than weeds,\u00a0illegal dumping\u00a0<\/a>and frustration from nearby residents. While an appraisal earlier this year estimated the land is worth about $900,000, the debt attached to it has ballooned far beyond that figure, making it nearly impossible to sell through traditional channels.<\/p>\n An empty Oakland lot just sold for $10.Google MapsThe Oakland lot was recently sold for just $10, but has roughly $1.7 million in unpaid taxes.Google Maps<\/p>\n Because the debt now exceeds the property\u2019s market value, California<\/a> law allowed the county to sell it for a nominal amount instead of attempting another unsuccessful auction.\u00a0<\/p>\n Previous efforts to find a buyer failed, and county officials said several nearby organizations declined to take on the parcel because of its size, development challenges and a large billboard that occupies the site.<\/p>\n The lot is a 15,000-square-foot parcel located at 8215 MacArthur Blvd. in Oakland.Google Maps<\/p>\n \u201cThese properties will become productive and will generate economic benefit once they are rehabilitated, developed, and rented or sold to low-income taxpayers,\u201d Treasurer-Tax Collector Henry Levy said in a letter to the board, per SFGate.<\/p>\n The BCZ\u2019s deputy CEO of real estate told KQED they eventually agreed to acquire the property after two neighbors had mentioned the empty lot to them.<\/p>\n The area has spent decades as an empty lot that has been collecting weeds and has become an illegal dumping site.Google Maps<\/p>\n \u201cThey also made the county aware of us, and that\u2019s how we started working together,\u201d Davis explained. \u201cPeople bring things to us because they believe that we can make something happen that is both fair, equitable, and innovative.\u201d<\/p>\n Exactly what will be built on the site hasn\u2019t been decided. Organization leaders say affordable\u00a0housing<\/a>\u00a0remains the long-term goal, but the immediate focus is cleaning up the neglected lot and putting it to use for the community.<\/p>\n The Black Cultural Zone Community Development Corporation, a nonprofit focused on community revitalization and affordable housing purchased the empty lot.Google Maps<\/p>\n For Alameda County, officials hope this unusual $10 deal proves that even the most troublesome properties can eventually get a second chance, provided someone is willing to take on the not-so-tiny fine print.<\/p>\n