New York
Seneca Nation buys land in Buffalo for at little as $1

The Seneca Nation of New York has been landing some great deals in Buffalo, buying million-dollar properties for as little as $1, The Buffalo News reports.

The tribe paid $1 for a $2-million property, $1 for a $3.95-million property and $4 for a $4.6-million property, the paper said. Since 2003, the tribe has paid $14 for $8.07 million in land.

How did the tribe get such great deals? Well the tribe's gaming company paid the higher price then sold the land to the tribe at the lower price.

Tribal officials wouldn't comment on the practice but the paper suggests the tribe may be trying to ensure that the properties are purchased with a $30 million land claim settlement fund. Purchased made with settlements funds are exempt from the Indian Gaming Regulatory Act's ban on gaming for newly acquired lands.

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Vast land purchase possible for tribe (The Buffalo News 2/12)
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