Cuyahoga County Treasurer To Overseas eBay Real Estate Speculator: "Next Time, Try Las Vegas"

In Cleveland, Ohio, The Plain Dealer reports on British real estate speculator Dr. Sheo Prasad who, despite living in England, purchased distressed Cleveland real estate on eBay:

• On May 30, Prasad sent an e-mail to Cuyahoga County Treasurer Jim Rokakis concerning a six-unit apartment building that Prasad owned on East 107th Street. "This property is currently being managed by my Property manager who is repairing it," Prasad wrote. "She just informed me the property has been demolished." That news shocked the doc, who had paid $5,834 for the building.

• Rokakis offered cold comfort: "I am sorry for your plight . . . but I feel even more sympathy for the citizens . . . who have watched their neighborhoods crumble as speculators . . . try to make a quick profit. The exchange rate between our countries is quite favorable for U.K. citizens right now -- you would have had more luck flying to Las Vegas and trying the gaming tables there. Buying homes on eBay is a really bad bet."

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• In August 2008, three months before Prasad bought it, the city condemned the property. Since no corrective action was taken, the building was razed on April 24, 2009. The demolition cost the city $14,500. Prasad will be getting the bill soon.

For the story, see British speculator on Cleveland building ends up with a lot of nothing.