Michael Vick's Estate; the most stigmatized property in America?

By
Real Estate Agent with Keller Williams Select Realtors

Now here's a surprise....  Michael Vick's Virginia Home, where his now infamous dog fighting compound was located, failed to sell at auction this week.  Turns out that people weren't interested in running up the price because of it's notoriety.

 Here's the back story:  Vick sold the home for $450,000 to a real estate investor shortly after pleading guilty
to dog fighting charges.  The investor, Wilbur Ray Todd Jr., spent roughly $50,000 according to his estimates on repairs related to vandals and looters, and then placed the home up for sale at auction, hoping that the property's notoriety would fuel bidding.

So..... $500,000 invested, plus taxes, title, recording fees, commission, etc. and when the home comes up to auction, the bidding stops at $747,000, which just happened to be the tax assessed value of the home.  Turns out that the price wasn't enough to buy it, and the house was not sold.

This means that a profit of close to $250,000 minus the prior fees was not enough.  Mr. Todd said that 1915 Moonlight Rd. is the most famous address in America right now (Funny, I thought that distinction was held by 1600 Pennsylvania Avenue...), but really the sale (or lack thereof) of this property brings up an interesting property concern.  Stigmatization.

Obviously, there are individuals who were willing to pay up to $747,000 for the home.  The estimated value of the property is somewhere in the million dollar range, but would you pay a premium for this property because of it's history?  It's an easy answer for me, but what about for you?  Would you be willing to live in a home that has had so much media attention, where a major dog fighting enterprise existed (and evidence of it still remains), and where dogs were willfully executed, and pay more than the market would otherwise bear because Michael Vick once live here?

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Location:
Virginia
Tags:
michael vick
dog fighting
stigmatization
real estate
virginia

Comments 17 New Comment

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Rainmaker
340,713
Donna Yates
Real Estate North GA Mountains & Lakes Blue Ridge
Coldwell Banker High Country Realty
My answer is very simple:  No.   Interesting post.  Thank you.
December 17, 2007 07:58 PM
Rainer
84,795
Rick Tourgee
Provincetown and Cape Cod
Robert Paul Properties, Inc.

I would only buy the house if I really loved the house and the location.  I could careless who owned it in the past.  I would only pay whatever the realistic market value of the house under current market conditions on the day I make an offer.

Because of the sad past of the house, I would find a way to give the home positive energy and find a way for the house to give off positive energy!

December 17, 2007 09:40 PM
Anonymous #15
Anonymous
Steph

I hope MV gets raped in prison.

December 19, 2007 09:01 PM
Rainer
231,877
BLR Guy
BLRGUY(Beach & Luxury Realty Inc)
Nope,I could never live in that house Jonathon...too much negative Karma is surrounding it.Plus I would always think of the mistreatment the dogs endured.....nope..not for me
December 20, 2007 07:27 AM
Rainmaker
505,915
Brandon Jordan
Coldwell Banker United Realtors

The NFL should buy it and open a dog rescue.

April 19, 2009 02:15 PM
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Rainmaker
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Jonathan Benya

MD Short Sale Specialist
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