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$55.7M Silverdome + 127 ac. sale price disappoints: $583k!

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
Excerpt:
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.

Full:

http://www.detnews.com/article/20091117/METRO/911170327/1411...




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Why Build Ford Field Then

This is an example of Govt Public Money subsidising a few rich owners.

What was the logic for building Ford Field then if this building is still usable.

I saw Barry Sanders play there. Was a crazy place in the day....

It was over 800000 seats and they were all full against the Jets. I was with my Brother and Dad in the upper deck when he broke 2000 yards. I could see my dads lips moving and he was saying something but the place was so loud it was impossible. You could literally feel the place moving from the sound.

Sorry....Just a good memory from the Dome.

I say tear it down! The city of Pontiac can't afford this Monster eyesore...
Wow 583k ...There are houses out here that used to be worth that much

For Freedom!

For Freedom!
The World is my country, all mankind is my brethren, to do good is my religion.

SteveMT's picture

dex: All that history and all of the famous athletes and great

plays that took place there. All of that is worth nothing.
Sad.
Were are in (going into) a full blown depression.
This is getting brutal.

Yeah...a big frown over here...

For Freedom!

For Freedom!
The World is my country, all mankind is my brethren, to do good is my religion.

People whine but nobody dared to step up to the plate

Pun intended.

We've been trained to think centrally instead of locally and this is how that turns out. People think its some other authority's responsibilty to develop their community.

If the whiners got together over the last few years they could have pulled together a group and been the landlords instead of the whiners.

SteveMT's picture

Daddy: They got caught behind the line of scrimage and

were penalized for intentionally grounding. They lost the game.

They really got burned on their investment.

Wow, I guess

there will be a lot of bargain hunting for premium properties for peanuts.

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