GLOBAL ECONOMY

Peruvian Invests In Abandoned Packard Plant In Detroit
Fernando Palazuelo bought the plant for $405,000 and hopes it'll be a small down payment on the $350 million over the next 10 years to revive the plant, according to the New York Times.
http://www.foxnews.com/">Fox News
http://www.foxnews.com/

Packard_Plant_Peruvian_Detroit

DETROIT, MI- DECEMBER 13: A desk remains at the abandoned Packard Automotive Plant December 13, 2013 in Detroit, Michigan. Peru-based developer Fernando Palazuelo made his final payment on the Packard Plant, which he won during a Wayne County auction for $405,000. Palazuelo plans on developing the former automotive plant where luxury Packard cars were made in the coming years. (Photo by Joshua Lott/Getty Images)
(2013 Getty Images)

Packard_Plant_Main

DETROIT, MI - SEPTEMBER 04: Ruins at the abandoned Packard Automotive Plant are seen on September 4, 2013 in Detroit, Michigan. The Packard Plant was a 3.5 million square foot car manufacturing plant built completed in 1911. Major operations ceased in 1958, though the plant was used in a limited capacity until the 1990s, with outer buildings used through the mid 2000s. Since then the buildings have fallen into disrepair - they are now used mostly for graffitti artists and scavengers. Detroit has an astonishing 78,000 abandoned buildings across its 142 square miles. Last month the city declared bankruptcy, the largest municipality to ever do so in the United States. (Photo by Andrew Burton/Getty Images)
(2013 Getty Images)

456093039

DETROIT, MI- DECEMBER 13: A man looks at the exterior of the abandoned Packard Automotive Plant December 13, 2013 in Detroit, Michigan. Peru-based developer Fernando Palazuelo made his final payment on the Packard Plant, which he won during a Wayne County auction for $405,000. Palazuelo plans on developing the former automotive plant where luxury Packard cars were made in the coming years. (Photo by Joshua Lott/Getty Images)
(2013 Getty Images)

179519693__1_

DETROIT, MI - SEPTEMBER 04: Ruins at the abandoned Packard Automotive Plant are seen on September 4, 2013 in Detroit, Michigan. The Packard Plant was a 3.5 million square foot car manufacturing plant built completed in 1911. Major operations ceased in 1958, though the plant was used in a limited capacity until the 1990s, with outer buildings used through the mid 2000s. Since then the buildings have fallen into disrepair - they are now used mostly for graffitti artists and scavengers. Detroit has an astonishing 78,000 abandoned buildings across its 142 square miles. Last month the city declared bankruptcy, the largest municipality to ever do so in the United States. (Photo by Andrew Burton/Getty Images)
(2013 Getty Images)

179519698

DETROIT, MI - SEPTEMBER 04: Ruins at the abandoned Packard Automotive Plant are seen on September 4, 2013 in Detroit, Michigan. The Packard Plant was a 3.5 million square foot car manufacturing plant built completed in 1911. Major operations ceased in 1958, though the plant was used in a limited capacity until the 1990s, with outer buildings used through the mid 2000s. Since then the buildings have fallen into disrepair - they are now used mostly for graffitti artists and scavengers. Detroit has an astonishing 78,000 abandoned buildings across its 142 square miles. Last month the city declared bankruptcy, the largest municipality to ever do so in the United States. (Photo by Andrew Burton/Getty Images)
(2013 Getty Images)

456093043

DETROIT, MI- DECEMBER 13: Graffiti is painted on the walls of the abandoned Packard Automotive Plant December 13, 2013 in Detroit, Michigan. Peru-based developer Fernando Palazuelo made his final payment on the Packard Plant, which he won during a Wayne County auction for $405,000. Palazuelo plans on developing the former automotive plant where luxury Packard cars were made in the coming years. (Photo by Joshua Lott/Getty Images)
(2013 Getty Images)

456093239

DETROIT, MI- DECEMBER 13: A old sofa sits outside the abandoned Packard Automotive Plant December 13, 2013 in Detroit, Michigan. Peru-based developer Fernando Palazuelo made his final payment on the Packard Plant, which he won during a Wayne County auction for $405,000. Palazuelo plans on developing the former automotive plant where luxury Packard cars were made in the coming years. (Photo by Joshua Lott/Getty Images)
(2013 Getty Images)

456093241

DETROIT, MI- DECEMBER 13: Exposed rebar and concrete chunks hang from the abandoned Packard Automotive Plant December 13, 2013 in Detroit, Michigan. Peru-based developer Fernando Palazuelo made his final payment on the Packard Plant, which he won during a Wayne County auction for $405,000. Palazuelo plans on developing the former automotive plant where luxury Packard cars were made in the coming years. (Photo by Joshua Lott/Getty Images)
(2013 Getty Images)

456093229

DETROIT, MI- DECEMBER 13: Graffiti is painted on the walls of the abandoned Packard Automotive Plant December 13, 2013 in Detroit, Michigan. Peru-based developer Fernando Palazuelo made his final payment on the Packard Plant, which he won during a Wayne County auction for $405,000. Palazuelo plans on developing the former automotive plant where luxury Packard cars were made in the coming years. (Photo by Joshua Lott/Getty Images)
(2013 Getty Images)

456093243

DETROIT, MI- DECEMBER 13: Pants lie on the ground as colored fabric hangs from the ceiling at the abandoned Packard Automotive Plant December 13, 2013 in Detroit, Michigan. Peru-based developer Fernando Palazuelo made his final payment on the Packard Plant, which he won during a Wayne County auction for $405,000. Palazuelo plans on developing the former automotive plant where luxury Packard cars were made in the coming years. (Photo by Joshua Lott/Getty Images)
(2013 Getty Images)

456093261

DETROIT, MI- DECEMBER 13: Old tires rest near the abandoned Packard Automotive Plant December 13, 2013 in Detroit, Michigan. Peru-based developer Fernando Palazuelo made his final payment on the Packard Plant, which he won during a Wayne County auction for $405,000. Palazuelo plans on developing the former automotive plant where luxury Packard cars were made in the coming years. (Photo by Joshua Lott/Getty Images)
(2013 Getty Images)

179519694

DETROIT, MI - SEPTEMBER 04: Ruins at the abandoned Packard Automotive Plant are seen on September 4, 2013 in Detroit, Michigan. The Packard Plant was a 3.5 million square foot car manufacturing plant built completed in 1911. Major operations ceased in 1958, though the plant was used in a limited capacity until the 1990s, with outer buildings used through the mid 2000s. Since then the buildings have fallen into disrepair - they are now used mostly for graffitti artists and scavengers. Detroit has an astonishing 78,000 abandoned buildings across its 142 square miles. Last month the city declared bankruptcy, the largest municipality to ever do so in the United States. (Photo by Andrew Burton/Getty Images)
(2013 Getty Images)

456093249

DETROIT, MI- DECEMBER 13: Graffiti is painted on the walls of the abandoned Packard Automotive Plant December 13, 2013 in Detroit, Michigan. Peru-based developer Fernando Palazuelo made his final payment on the Packard Plant, which he won during a Wayne County auction for $405,000. Palazuelo plans on developing the former automotive plant where luxury Packard cars were made in the coming years. (Photo by Joshua Lott/Getty Images)
(2013 Getty Images)

456093227

DETROIT, MI- DECEMBER 13: Graffiti is painted on the walls of the abandoned Packard Automotive Plant December 13, 2013 in Detroit, Michigan. Peru-based developer Fernando Palazuelo made his final payment on the Packard Plant, which he won during a Wayne County auction for $405,000. Palazuelo plans on developing the former automotive plant where luxury Packard cars were made in the coming years. (Photo by Joshua Lott/Getty Images)
(2013 Getty Images)

456093233

DETROIT, MI- DECEMBER 13: A woman looks at the abandoned Packard Plant December 13, 2013 in Detroit, Michigan. Peru-based developer Fernando Palazuelo made his final payment on the Packard Plant, which he won during a Wayne County auction for $405,000. Palazuelo plans on developing the former automotive plant where luxury Packard cars were made in the coming years. (Photo by Joshua Lott/Getty Images)
(2013 Getty Images)

456093237

DETROIT, MI- DECEMBER 13: A desk remains at the abandoned Packard Automotive Plant December 13, 2013 in Detroit, Michigan. Peru-based developer Fernando Palazuelo made his final payment on the Packard Plant, which he won during a Wayne County auction for $405,000. Palazuelo plans on developing the former automotive plant where luxury Packard cars were made in the coming years. (Photo by Joshua Lott/Getty Images)
(2013 Getty Images)

456093247

DETROIT, MI- DECEMBER 13: Graffiti is painted on the walls of the abandoned Packard Automotive Plant December 13, 2013 in Detroit, Michigan. Peru-based developer Fernando Palazuelo made his final payment on the Packard Plant, which he won during a Wayne County auction for $405,000. Palazuelo plans on developing the former automotive plant where luxury Packard cars were made in the coming years. (Photo by Joshua Lott/Getty Images)
(2013 Getty Images)

Peruvian Invests In Abandoned Packard Plant In Detroit

Fernando Palazuelo bought the plant for $405,000 and hopes it'll be a small down payment on the $350 million over the next 10 years to revive the plant, according to the New York Times.

More From Our Sponsors