Feb 19, 2001
In April 2000, the state of Michigan sold a 35-acre portion of the State Fairgrounds in Detroit for 6.4 million dollars. Its buyer, "developer" Joey Nederlander, resold the land, two months later, for 10.5 million dollars to a friend, Bernie Schrott, another "developer."
In January of this year, Schrott resold the land, this time to the Detroit Board of Education –for 17 million dollars.
No improvements had been put on the land. Nothing was cleared off of it. Absolutely nothing changed –except the amount of money the seller made.
Now we see why the governor and the mayor wanted to take over the Detroit School Board –to help out their friends, the speculators.