Kenneth Robinson could be the owner of a $300,000 home and he only paid $16 for the privilege. Robinson did months of research on a Texas law called “adverse possession.” The law states that the “title of a another’s real property can be acquired without compensation by holding the property in a manner that conflicts with the true owner’s rights.”
Robinson found an abandoned $300,000 mini-mansion in Flower Mound, Texas, and claimed ownership of the home for $16 after filing for it at the Denton County courthouse. According to reports, the original owner allowed the home to go into foreclosure and the mortgage company that owned the home went out of business. Although there is no electricity or running water at the home, Robinson has moved his belongings into the home.
However, his neighbors are infuriated. They have attempted to call the police on Robinson and get him arrested. Police showed up to the home, but were unable to arrest Robinson because of the adverse possession law. They are seeking help from real estate agents and attorneys to get Robinson removed from the home.
If the original owner fails to pay off the $300,000 debt on the house, Robinson will own the home in three years.
Should Robinson’s neighbors be upset, or are they complaining because he found a loophole?