That’s not a typo.
The former home of the Detroit Lions of the National Football League (NFL) and Pistons of the National Basketball Association (NBA) today sold at a Williams & Williams-coordinated auction for little more than a half-million dollars.
Keep in mind that the Silverdome was built back in 1975 for an estimated cost of $55.7 million. Not even factoring in inflation/appreciation on the 80,000-seat municipal stadium, which sits on 127 acres in Pontiac, Mich., the winning bidder — an unnamed Canadian firm, according to the Detroit Free Press — stands to make about a $50 million profit … at least.
Unless, of course, a move to block the firesale is upheld by a judge.
Silver Stallion Development Corp. had previously offered $20 million to purchase the Silverdome; however, the purchase agreement had expired and the company didn’t cough up the $250,000 minimum bid to participate in the latest auction.
The report indicates that an official ruling on the sale of the Silverdome will be released within a week.
If the auction sale goes through, the new owner “plans to use the complex for a men’s Major League Soccer team and women’s professional soccer.”
Sounds like an early score.
For a property that cost $55.7 million in 1975 dollars to sell for $583,000 is unbelievable. Although I can’t help wondering whether there’s a market for men’s Major League Soccer and women’s professional soccer that far north. Oh well, it only cost them a half million. Shouldn’t have to sell many tickets to recoup their cost.