How capitalism works: Man purchases Diana Ross' old Detroit home for $1800, fixes it up, offering it for $132K

Blogger at the Motown Museum

Here's a pretty awesome story about of Detroit.

From the Detroit Free Press:

As it turns out, an investor who purchased the dilapidated childhood home of Motown artist Diana Ross for a song from the city's redevelopment organization is now seeking to sell it — after gutting and updating it — for $132,500.

"It's generating a lot of interest," real estate broker Darin McLeskey said Wednesday. "But, there's also a lot of nosey people overall who just want to get inside of a famous person's house, too."

He said his phone has been ringing off the hook.

The investor, records show, paid only $1,800 for the house in May.

The house, an American Foursquare, is in the North End neighborhood, just south of Highland Park. As with most Detroit neighborhoods, it's a rough one.