Lowball Watch - Missouri (Cont’d.)
Remember our recent post about the St. Louis caper in which the city took an owner’s property after offering him $523,000? Sure you do — check out http://gideonstrumpet.info/?p=453 It turned out to be what you might call a nice try. Later, the commissioners awarded $1,260,675, and eventually a jury upped that to $1,610,525, plus $317,427 in past interest, plus accruing interest on the balance.
What made this case real fun was that the city refused to pay up, arguing that since it took the property for a redeveloper, it was that redeveloper who should pay. So the owner sued the city and, to make a long story short, stltoday.com reports that the city finally paid up. All in all, considering interest, the total came to some $3.5 million, or some ten times the original offer.
For the story, go to Robert Patrick , Former Landowner Finally Gets Check in Bottle District Case, stltoday.com, July 23, 2010, http://www.stltoday.com/news/local/crime-and-courts/article_e95e7a32-9698-11df-9860-0017a4a78c22.html