The $1.75 house in Saginaw, Mich.
Melanie Sochan/The Saginaw News/AP
10/02/2008 AT 01:45 PM EDT
Just how bad the housing market really is hit home Wednesday after the dust settled on the auction of a residence in Saginaw, Mich.
With all of eight bids on eBay, the abandoned home went to Joanne Smith, 30, of Chicago – who, reports the Saginaw News
, paid a grand total of $1.75.
"I am going to try and sell it," said Smith, who is originally from Miami and doesn't intend to leave Chicago, even to visit her new house. "I don't have any plans to move to Saginaw."
Besides shelling out her bargain price, Smith has until March 31 to pay back taxes and a bill for weed cleanup on the property. That comes to about $850.
''The people who I bought the house from, they are not giving me any information about it,'' Smith said. ''I know that the property is abandoned and that there are taxes owed on the house, but all I have is their e- mail.''
The sellers could not be reached by the Saginaw News