Three Michigan Lighthouses for Sale
If you've ever wanted to own a lighthouse, now is the time. Three Michigan lighthouses are currently for sale. Get our your checkbooks and start bidding. There are a few strings attached, though. They must be bought by a nonprofit organization, you do not get ownership or rights to any land under the lighthouse, and you are required to maintain the lighthouse.
The current bids are $5,000 for two of the lighthouses and $10,000 for the other. One is in lake Michigan: Ile aux Galets which is between the shore and Beaver Island. The other two are in lake Huron: Gravelly Shoal which is 5 miles from Aux Gres Twp, and Spectacle Reef, which is 11 miles from Bois Blanc Island.
http://www.reuters.com/article/2015/07/13/us-usa-michigan-lighthouses-idUSKCN0PN2IW20150713
If by maintaining they mean painting it Maize and Blue to ward off buckeyes and spartans, and I guess protecting ships from rocks...
On second thought, maybe we should lure them into the rocks.
"We decided to buy a lighthouse" is how I imagine a non-zero percentage of personal bankruptcy stories starting.
to want to buy and live in one of these things. I remember a few years ago on This Old House, they went out to visit some guy who was fixing up (to live in) this old light house in Boston harbor. It looked like a ridiculous venture from the standpoint of cost and lifestyle. You could tell even Norm Abram was wondering "what was this guy thinking?".
Where's Pinky when you need him?? On second thought, a lot of us on here would qualify...
If I was a lightbulb manufacturing company or a candle making company, I'd jump all over this and mass-market the shit out of it.
Do any such companies exist that are also non-profit?
I am sure they have a fully owned non-profit subsidiary.
So let me get this straight. If i "buy" the Michigan lighthouse I get to pay the money to maintain it and keep it running (I can only imagine the cost of electricity, replacement lightbulbs & the thing's going to need paint every year) but i dont really get to own it as I don't own the land that sits underneath it?
All I "own" is the priviledge of paying for the lighthouse's repairs and the cost of keeping the lights on?
And somebody is already bidding actual money for this priviledge?
And you guys make fun of us down here in Ohio for being stupid.
Sounds a lot like a condo...
I was going to say, this is a common situation in NYC minus the nonprofit requirement. There are some pretty big buildings owned by entities that don't own the land underneath, such as the Chrysler Building. The location is a bit different, but still.
The ruins of the lighthouse are on the Ohio side of the island, if you change your mind it could be a fun project.
All I "own" is the priviledge of paying for the lighthouse's repairs and the cost of keeping the lights on?
Yeah, pretty much.
Two things come to my mind:
- I wonder what the government's plan is if there are no takers?
- I wonder what the government's recourse is if the buyer fails to live up to the maintenance stipulation of the sale? Repossession and resale?
I guess for those that really love lighthouses, this is something they'd persue.
I can see a non-profit doing this and then renting out the lighthouse for overnight stays ... again, the sentimental notion of being a lighthouse keeper for a night.
You have to be a non profit.
You can't own the land on which the lighthouse sits.
Do you have to pay property tax?
Is this the state's way of saying "we don't want to pay for the upkeep for this shit?"
Sent from MGoBlog HD for iPhone & iPad
it is required to be held by a non-profit, I bet that there is a pretty beautiful tax play that can be used to make this a worthwhile investment.
I guess if you're going to buy Gravelly Shoal and maintain it, the bitch is also buying a suitable barge to ferry maintenance equipment and other supplies.
I've got a coupon for buy one lighthouse get the second one half off.
that you get with purchasing 2 cokes?
They have leaseholds in the UK where you 'own' the buildings for the duration of the lease, but you don't own the land underneath it. Leaseholds can last for decades. I think up to 99 years.
Think of it as a stronger than normal rental agreement where you can't be evicted unless you break the legal agreement.
I'm just waiting for one of you to start asking for donations.. An MgoBlog owned lighthouse sounds like a promising future for this site.
Can I get some donations so I can buy one of these lighthouses? I promise that I won't make too much meth in it.
Sent from MGoBlog HD for iPhone & iPad
I can't promise anything. I like to push the limits.
It sounds like they're trying to find someone who is enough of a sucker to pay them money to acquire a perpetual liaility.
Haha, no thank you.