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Old 01-23-2013, 10:06 AM   #1
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silverdome given away

http://en.wikipedia.org/wiki/Silverdome



After the Lions departure, the city of Pontiac began to experience several years of serious financial problems. Due to the continued high maintenance costs of the structure, it made several unsuccessful attempts to sell the stadium.[26][27] In early 2008, United Assurance Company Ltd. made the highest purchase offer to date, with a bid of $18 million to convert the Silverdome into a Hollywood-style entertainment complex, following an earlier bid of $12 million by an attorney.[28] However, the city announced in October 2009 that the property would go to auction with no minimum bid, and that zoning regulations would be relaxed for any buyer in order to spark development. The city engaged the firm of Williams & Williams to conduct the auction in November 2009.[29]
After reading about the auction in a newspaper, Greek-born Canadian real estate developer Andreas Apostolopoulos, CEO of Toronto-based Triple Properties Inc., submitted a winning bid of US$550,000. Real estate fees of 6% raised the price to US$583,000.[30] The sale of the Silverdome, completed in 1975 at a cost of $55.7 million (approx. $225 million in 2012 dollars), and sold in 2009 for $583,000 was viewed by many as a symbol of the collapse of real estate prices in the Detroit metropolitan area though many local leaders and residents claimed the sale was brought about due to the incompetence of city management and their not having a vision or future plans for the stadium and surrounding area




am i reading this right? the city of pontiac turned down 18 mill and sold it at auction for 580k?


wtf?
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Old 01-23-2013, 10:09 AM   #2
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Because Detroit.
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Old 01-23-2013, 10:12 AM   #3
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those other proposals were withdrawn. they were in negotiations with the city for other money to do the things they wanted. it wasn't a simple $18 mil offer to buy it, where this $500k was.
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Old 01-23-2013, 10:13 AM   #4
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Sounds right. Pontiac might be the only city more fcuked up that Detroit...

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http://en.wikipedia.org/wiki/Silverdome



After the Lions departure, the city of Pontiac began to experience several years of serious financial problems. Due to the continued high maintenance costs of the structure, it made several unsuccessful attempts to sell the stadium.[26][27] In early 2008, United Assurance Company Ltd. made the highest purchase offer to date, with a bid of $18 million to convert the Silverdome into a Hollywood-style entertainment complex, following an earlier bid of $12 million by an attorney.[28] However, the city announced in October 2009 that the property would go to auction with no minimum bid, and that zoning regulations would be relaxed for any buyer in order to spark development. The city engaged the firm of Williams & Williams to conduct the auction in November 2009.[29]
After reading about the auction in a newspaper, Greek-born Canadian real estate developer Andreas Apostolopoulos, CEO of Toronto-based Triple Properties Inc., submitted a winning bid of US$550,000. Real estate fees of 6% raised the price to US$583,000.[30] The sale of the Silverdome, completed in 1975 at a cost of $55.7 million (approx. $225 million in 2012 dollars), and sold in 2009 for $583,000 was viewed by many as a symbol of the collapse of real estate prices in the Detroit metropolitan area though many local leaders and residents claimed the sale was brought about due to the incompetence of city management and their not having a vision or future plans for the stadium and surrounding area




am i reading this right? the city of pontiac turned down 18 mill and sold it at auction for 580k?


wtf?
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Old 01-23-2013, 10:15 AM   #5
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I do business in Auburn Hills. Every time I'm there I drive by it. I always wondered if they simply left it there to rot because it was too expensive to do anything else with it.
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Old 01-23-2013, 10:25 AM   #6
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The roof is falling apart. Pic from yesterday fly by.



They stated they are going to replace the roof with a hard structure this spring/summer.
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Old 01-23-2013, 10:30 AM   #7
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.
American build quality
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Old 01-23-2013, 11:11 AM   #8
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the roof was intentionally deflated to save on heating costs while work is done, was just done on jan 2
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Old 01-23-2013, 03:15 PM   #9
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F2b bought a mansion finally
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Old 01-23-2013, 03:20 PM   #10
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wasn't that place a sh!t hole to begin with?
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