Neumann Homes' $1.45 million Flatrock real estate lots sale approved

By Caroline Salls

Pittsburgh, Dec. 19 - Neumann Homes, Inc. obtained court approval of the $1.45 million sale of 50 lots of non-residential real estate in Flatrock, Mich., to Infinity Homes, Inc., according to a Tuesday filing with the U.S. Bankruptcy Court for the Northern District of Illinois.

The lots were owned by Neumann Homes of Michigan, LLC.

According to the motion, Neumann believes that the non-residential Detroit-area real estate market has deteriorated significantly since the company auctioned off similar lots in 2006 and earlier in 2007.

As a result, Neumann said Infinity is the only entity that was interested in buying these lots at a price close to Neumann's purchase price.

Neumann Homes, a Warrenville, Ill.-based homebuilder, filed for bankruptcy on Nov. 1. Its Chapter 11 case number is 07-20412.

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