Detroit's Silverdome sells for a paltry $583,000 (less than 1% of value)

The Business Insider ^ | 11/17/09 | Vince Veneziani

[meandog]

Even though some homes in Detroit literally sell for $1, we're still surprised to see how little an entire stadium fetches. In this case it's the famous Pontiac Silverdome

Detroit News: Nearly 25 years after taxpayers spent $55.7 million building the Pontiac Silverdome and a year after a $20 million sale fell through, city officials have sold the arena once called the most desirable property in Oakland County.

The price: $583,000.

The broker, David J. Leitch, is quite upset about the final selling price. And hey, can you blame him?

"The property alone, at $10,000 an acre, should have gone for more than that. And you have the Silverdome, its contents, and the infrastructure already in place. I had estimated it would probably go for between $1.2 million and $3 million. I can't believe it."

[meandog]

Whoaaaa! Many here could have bought an NFL stadium!

[Petronski]

(less than 1% of value)

No no no. It sold for precisely 100% of its value.

It sold for less than 1% of its former value.

[Vigilanteman]

Gee, you’d think the ObaMao administratration would pay more for it just to get a secure, bargain-priced staging facility for the conservatives they are planning to ship off to reeducation camps.

[ClearCase_guy]

So ... *cough* ... what is the Mayor’s nephew planning to do with it?

[all the best]

BINGO!!

[SJSAMPLE]

The Silverdome should really be a PERMANANT venue for Motocross and monster-truck ralleys. It’s use for professional sports, outside of the X-games, has evaporated.

[Cyber Liberty]

Did that price include a roof?

[The Sons of Liberty]

Gee, you’d think the ObaMao administratration would pay more for it just to get a secure, bargain-priced staging facility for the conservatives they are planning to ship off to reeducation camps.

... or he could build another temple to himself like he did in Denver.

[TexasFreeper2009]

I would of gladly paid $584,000

[edcoil]

Is the silver dome the old Cobo Hall?

[Orange1998]

Try explaining that to the Chief Appraisal Officer. It has never worked in the past. They say auction prices don’t reflect the true value. Yeah Right.

[meandog]

Wonder if Sen. DICK “The Turban” Durbin has any interest in a certain Canadian real estate venture?

[org.whodat]

No no no. It sold for precisely 100% of its value.

Bingo, what a willing and able buyer is willing to pay.

[conductor john]

end-times recruitment center ping!

[Izzy Dunne]

Many here could have bought an NFL stadium!

Only if you call the Lions an "NFL team".

[lack-of-trust]

sounds like a bargain (even in detroit) at that price I would think you could make a nice profit hosting: concerts, monster truck shows, “extreme” dirt bike events...

what strings were attached? what limit’s on the buyers use.

[Izzy Dunne]

the most desirable property in Oakland County.

Isn't that like being the "top maggot on the dung heap"?

[colinhester]

No no no. It sold for precisely 100% of its value.

Post of the day!!!!

[green iguana]

less than 1% of value

No, less than 1% of cost.

It's value is obviously $583,000.

[Clock King]

I’m thinking,.., my ultimate LAIR! Huw Haaa Haa Haa Haa Haah!