*Canadian snaps up major USA sports stadium for $583k !!! Nice Deal !*
 

Seems like a sweet purchase for $583k ...for something that cost over $55 mill to build in 1975...

The new owner is going to make a soccer stadium with it .


Outline....

An unidentified Canadian real estate company was the winning bidder for the Silverdome, snatching it up for a mere fraction of its original value.

A Toronto-based family-owned company bid $583,000 for the under-used stadium on Monday, which is currently owned by the City of Pontiac, Mich.,

The 80,000-seat Silverdome was the biggest stadium in the National Football League when it was built in 1975 for $55.7 million. The stadium, which sits on a 127-acre plot, is also the former home of the National Basketball Association's Detroit Pistons.

The Silverdome has also served as a music venue for some of the hottest acts in show business, including Michael Jackson, Madonna and Elvis. Another high profile visitor, Pope John Paul II, once delivered Mass from the field.

But the Silverdome's biggest event was Wrestle Mania III in 1987, when 93,000 fans packed into the stadium to watch Hulk Hogan body-slam Andre the Giant. That was the biggest turnout ever for an indoor sports event.

Despite its rich history, the stadium has seen little use since 2002, when the Lions concluded their last season there.


Full Story.

http://football.ballparks.com/NFL/De...ions/front.jpg

Hey Scott ( aka Sleazy) looking back maybe buying a few stadiums instead of waterfront property and a bar would have been a good route to take ! :winkwink:

Just teasing :)

Wow, what a steal. Hope that's not a sign of where real estate is headed and winning bid price was based on use stipulations.

I wonder what the property taxes are on that ...

That comes to $4,500. per acre for commercial property with a stadium.

What kind of shape is it in and why did the Lions move?


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the place probably needs 10 mil in work at least.

A single car in the parking lot could cost 3x as much... and be driven into a lake.

I think a waterfront bar would have been the best idea.


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Maybe these guys???? http://en.wikipedia.org/wiki/Olympia_and_York

Isn't Detroit one of the worst hit in the real estate downturn?

oopsie, not so fast eh

Go to "realtor. com" and search Detroit single family homes no minimum price.

It's unreal.


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i have paid more for cars then many houses go for out there.

Because really, what sense did it make to have the DETROIT Lions playing in PONTIAC. Might as well of called them the Pontiac Lions :1orglaugh:1orglaugh

But seriously, the Lions moved out because the stadium is showing its age. Money was raised and they sold the name to Ford (Ford Field), and were able to construct it across from Commerica Park (Tigers).

Made more sense economically to build new than try and raise money to renovate the Silverdome.

WOW! WHAT A DEAL! Seriously. The scrap alone from that place has to be worth a few million.

that's what i don't get either. why couldn't the city of razed the structure, sell off the scrap, parcel the land and sell the parcels.

because no one needs land in detroit?

http://www.realtor.com/realestateand...troit_MI?sby=1

Why are there so many firedamaged homes in Detroit? Former crackhouses?

Is this house really for sale for $850?

http://www.realtor.com/realestateand...224_1113024688

Didn't I say it's unbelievable? Scroll thru more expensive home and see more deals!


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your comment missed the point.


selling it as cheap as the stadium sold for by parcel + the scrap metal revenue still nets the city more than it got auctioning the stadium.

didn't someone buy a house in Detriot for $1?? it's the armpit of america....who wants to live there but crackheads and gangsters??

wow, u could buy a house in canada...or a stadium in detroit!

Sooner or later Detroit will make a comeback. Large companies, perhaps when the green energy movement really picks up, will see that they can buy huge amounts of land on the cheap and that there's a whole population out of work just dying to have a job. And people would be able to buy their own houses for pennies on the dollar.

I didnt know places existed that you could buy homes from $50 -$99 bucks :( is detroit really that bad :Oh crap

There are places in and around the Detroit and Flint areas where they will just give you a house if you are willing to pay the property taxes and maintain the house. I saw a news story a few months ago about a woman that worked online (not sure what she did) so it didn't matter where she lived. She bought a 3 bedroom nice looking house in Flint, Michigan for $160. She said she put about 3K into some fresh paint, landscaping and a few repairs and had a really good looking place with no house payments.

There are other parts of Flint where they are just going to bulldoze and flatten entire neighborhoods because all the houses are empty and all they do is attract crime so they will flatten it to save money.

Great idea a soccer stadium. :1orglaugh:1orglaugh

why dont they give those houses to poor families who were thrown out of their own home and make an entire street with decent families living there?!

I always hate seeing these threads. No the Detroit area is not bad its not the armpit of america. the problem is the downtown are is great and the suburbs are fantastic yes the residential part of the city itself is bad that is it the rest is thriving. sports, bars, show, restaurants ect.. there is a reason no one else bid over them the building is run down tons of back taxes owed to bring it back will take millions in renovations. If you really want to see a representation of houses and living look for houses in grosse point farms and grosse pointe woods, birmingham, Macomb twp, shelby twp, plymouth, west bloomfield

some of these houses are less then 5 miles from detroit http://www.realtor.com/realestateand...-Farms_MI/pg-2

Detroit is known as mo town, motor city, and soccer central.

http://www.gazette.uwo.ca/article.cf...ay=2&year=2004

and I thought the skydome sold for pennies on the dollar!

Good question. I think part of it is that unemployment in that city is horrible so they have trouble finding people that even want to live in that town. Still, you would think if you advertised that you could have a free house if you moved there they would get some takers.

Aside from the crime issue the other reason they want to destroy them is all those empty houses continue to drive down the value of the lived in houses. If you actually put people in the empty houses it might actually help moves values back up.

Shoe box sized apartment less then 500 sq feet goes for $500k to $600k where I am. We are getting ripped.
Same price I get a Stadium?
I could shoot a ton of Cheerleader stuff at least...

Detoilet will never change,great NHL team but that's it

who bought it? rogers?

jesus looks like you could buy an entire neighborhood for 100k

That 850 is your monthly payment.

Are they going to move it to Canada?
Casue in case they didn notice, its still in fucking Detroit.

No I dont think so as the report states " An unidentified Canadian real estate company was the winning bidder " although as mentioned by DrinkingHARDEST its seems Rogers did purchase the Skydome in Toronto for a crazy low price compared to its cost in 2004.