CA Property Sells For $10 Despite Being Valued At $900K — But There's A Catch

OAKLAND, CA — Alameda County officials voted Tuesday to sell a 15,000-square-foot lot valued at $900,000 to a local nonprofit for just $10, according to KQED. The catch? $1.7 million in debt.

The lot at 8215 MacArthur Blvd. — which contains weeds, trash and a billboard — went into tax default 31 years ago before being bought by a nonprofit that later dissolved, leaving the debt to compound, KQED reported.

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Black Cultural Zone Community Development Corp. opted to take the land, noting that despite the low price tag, it will still have to raise $40 million to build the affordable housing it has planned for the site, according to KQED, which noted the state controller still needs to sign off on the sale.

Read more from KQED.