The Detroit News reports that the long-shuttered Pontiac Silverdome has been sold for a mere $583,000 as the home for a soccer league. However, with a cost over $55 million to construct:
“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.
Go to about 1:20 in the video to get past the auction promo. Much more about the Pontiac Silverdome on Michigan in Pictures!