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It would be a lot easier to answer the question if we knew what was on the deed (it's public records at the appropriate courthouse) but I'll take a shot at it anyway.

Begin Pure Speculation

Some guy bought some land and a Fuddrucker's franchise. He started the restaurant but found he was cash flow negative (or, couldn't hire good help, or some other reason that made operating a business unfeasible). He couldn't find a buyer for either the franchise or the land at a "fair" price. So he's holding and paying real estate tax in hopes that the market will improve and he'll be able to sell.

End Speculation
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