Silverdome sold for $583k

November 19, 2009

From Mark Guarino at CS Monitor…..New tale of Detroit’s woe: Pontiac Silverdome sold for $583,000

Ever want to own a domed football stadium?

The question was a plausible one Monday when it was announced that the Pontiac Silverdome — once home to the NFL’s Detroit Lions — was sold for $583,000, or about 1 percent of the $55.7 million it took to build in 1975.

The Silverdome, an 80,300-seat stadium located in Pontiac, Mich., is the latest example of how comprehensively the recession has socked southeastern Michigan.

Mass layoffs and automotive plant closures have wreaked havoc on the local economy. Budget deficits are deep, foreclosures are widespread, and the population shrinking – from about 2 million people in the 1960s to about 900,000 today.

The article doesn’t mention if the buyer assumed any debt as part of the purchase. And apparently the sale is on hold.

The real cost to the buyer isn’t this initial layout, most likely it’s the cost of converting the property into something that is revenue generating — they’ve envisioned a soccer stadium — not to mention the continuing cost of maintenance.

4 comments

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You forgot to mention he’s a member of the city council I believe.

Posted by Callistenes | Report as abusive

[...] In Detroit, it will get you the Pontiac Silverdome: [...]

Wow, the security word is “Dan” – I am honored. I’d like to thank my Mom, …

Seriously, I know real estate prices were collapsing in Michigan, but this is ridiculous. I wonder what 55 million is in today’s dollars – about 200 million?

I wonder if that is the record in Michigan for a real estate price going down.

Posted by fresno dan | Report as abusive

0.6 million dollars from the year 2009 is much less than “about 1 percent” of 56 million dollars from 1975.

Posted by a guy | Report as abusive

true

Paula.
asistencia.tecnica@live.com.ar

Posted by Paula | Report as abusive

[...] 27, 2010: Seems like others are reconsidering the whole shebang, including Mayor Bloomberg. : Maybe somebody [...]