$16 House: Man Who Paid 16 Bucks For A $340,000 Home Kicked Out

$16 House? (Photo: News 8)

Kenneth Robinson made it to the news last year when he found a loophole in the American law that let him pay a mere $16 to own a $340,000 foreclosed house in Texas.

The amount was the fee in filing a claim of "adverse possession" of the property.

Under the little-known law, one can acquire a property if it has been vacant for over three years with no one claiming ownership and that if he lives there for another three years, the law will grant him the right to petition the court for title to the house.

In Robinson's case, it was a foreclosed property and was owned by a mortgage company that folded.

Unfortunately, Bank of America holds the title to the house and immediately stepped in. Robinson was ordered to vacate earlier this year.