Did you miss your chance at owning a stadium? At Auction: Aging property. No tenant. 1.5 million a year upkeep. In economically depressed area. Former home of the Detroit Lions and Pistons. Greats like Elvis, Michael Jackson, The Who and even the Pope have graced its stage. The Pontiac Silverdome. $583,000.
The Pontiac Silverdome in Pontiac, Michigan sold for about 1% of what it took to build the venue in 1975. Triple Properties, Inc, a Toronto based company, purchased the Silverdome at auction on Monday, November 16th for $583,000.00. "The price was right and I bought it," Andreas Apostolopoulos, CEO of Triple Properties Inc., said Thursday.
The price it fetched was a big disappointment to the city of Pontiac. The city will walk away with only $420,000 on the deal. That's far short of the millions it was looking for. The once mighty Silverdome with its 7 attached acres sold for less than many single family homes.
Read about the Sale
The Auction Site with Tour of the Silverdome
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