$55.7M Silverdome + 127 ac. sale price disappoints: $583k!Submitted by SteveMT on Tue, 11/17/2009 - 20:23
This is unbelievable. All that land and an 80,300 seat stadium for $583,000. The recession is over and everything is back to normal?
November 17. 2009 2:52PM
Silverdome sale price disappoints
Pontiac officials wanted more than $583K for stadium
Mike Martindale / The Detroit News
Pontiac -- Nearly 35 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.
"This was a giveaway," said David J. Leitch, a broker with an Auburn Hills based realty firm.
"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."
Such sentiments weren't uncommon Monday, after city officials unsealed bids showing the property that was home to the Detroit Lions was sold at auction to an unnamed Canadian company that plans to bring a soccer league to the stadium. The company's name will be released when the sale is finalized within 45 days, said Fred Leeb, the city's emergency financial manager. Leeb acknowledged the sale "is not a windfall," but said the Silverdome's $1.5 million upkeep drained the beleaguered city's finances.
"The citizens of Pontiac deserve better," Seay said. "This is pennies on the dollar (of what it cost). It goes to show how bad times are ... Worse, we don't even know who bought it."
The 80,300-seat stadium opened in 1975 and has largely remained empty since the Detroit Lions left for Ford Field in 2002. The sale included 127 adjacent acres.