Due to Detroits huge number of foreclosures and low real estate market, Times Inc. decided to purchase a house in Detroit where the old forum was held for their publishers and reporters to stay at. Their staff will be staying at the house for a year where they will be doing stories out of this city as part of Assignment Detroit.
The house is on a grand street flanked by huge trees in the West Village neighborhood, with six bedrooms and four bathrooms. In any other city in America, it would be worth well over half a million dollars. Mr. Tetzeli, the former managing editor at Entertainment Weekly who is leading the project, led the search, and Time Inc. bought the house for $99,000, or more than $85,000 over the current average home price in Detroit because most of the houses being sold have been foreclosed.
Kid Rock stopped by the house last week for a welcome party and brought a keg of local beer and a big D to hang over the fireplace.