News of the Weird
South St Louis Man Learns A Lesson In Real Estate The Hard Way
By Bob Hudson
Feb 16, 2010 - 8:58:25 AM

St Louis City officials say a burned-out south St. Louis building Mark Siebels bought for 37-thousand-500 dollars, is not his anymore. According to a published report in the “Post-Dispatch" Siebels spent 37-thousand-500 dollars to buy the property on Missouri Avenue in the Marine Villa neighborhood, and then sunk about 100-thousand dollars into it, installing oak floors, recessed lighting, new windows and concrete countertops. He hoped to move into half of the building by March 1st, then finish the rest of the duplex so he could rent it out. 

But just last year, a city agency, the Land Reutilization Authority, bought the property at a foreclosure auction for six-thousand dollars. City attorney Matt Moak says the city foreclosed on the property because Siebels did not pay a vacant-building registration fee. Remember to always get advice when you enter the wild world of real estate.