Buy a US sport stadium for $583,000.

[ZenOps]

If they said a Calgary based family I'd be asking which one of you bought the stadium :thumbsup:

http://ca.finance.yahoo.com/personal-finance/article/cnnmoney/winning-bidders-turn-silverdome-into-soccer-stadium-20091117

"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., according to auctioneer Williams & Williams."

[bluetek]

pretty cheap. Its probably close t0 40yrs old. The old home of the Lions & Pistons.

[TeamBestBud]

At least the lions dont come with the stadium..dodged a bullet there. But then again they are from toronto so they have their share of losing teams..

[ZenOps]

Further down:

"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."

Oh how the mighty have fallen... Still waiting for a $10,000 house when California goes bankrupt,

[Xtrema]

Damn, that's cheaper than my house.... even after the currency conversion. :D

[mowglee]

Originally posted by Xtrema
Damn, that's cheaper than my house.... even after the currency conversion. :D

If you tell people your house costs more than a football stadium you'd sound like the biggest :bigpimp: evar.

+1 on waiting for Cali to go bankrupt :D :D

[speedog]

Hey, not so fast - an injunction was placed against the sale to the Canadian interests. See story here (http://blogs.wsj.com/developments/2009/11/18/pontiac-silverdome-sale-halted/).

[CUG]

Originally posted by speedog
Hey, not so fast - an injunction was placed against the sale to the Canadian interests. See story here (http://blogs.wsj.com/developments/2009/11/18/pontiac-silverdome-sale-halted/). He's also complaining about racial discrimination. That's funny.

[ZenOps]

Well, technically Canada is a foreign entity to the US. And anything owned by a city sold to an individual would be subject to municipal review and lots of red tape.

My guess - They are stalling on the sale. It will probably be two years before they can confirm a sale to a foreign entity, at which time if there is an outside chance that the area will recover financially - they will simply reject the sale. If things do not recover they will let it go at the end of two years. In general with large lots of land and buildings - I'd say it more often than not rejected than approved (Personally I know how hard it is to buy 160 acres anywhere in the world at any price)

Until then the money is tied up, which is exactly what the city wants.

But you do have to think - that none of the millions of local area residents/businesses put a bid on the stadium..

Bad business practice to hold real estate like that, but somewhat standard around the world.

[TKRIS]

Originally posted by CUG
He's also complaining about racial discrimination. That's funny.

Hahahahahahaha.
Detroit elected Kwame Kilpatrick as mayor.
Twice.


Racial discrimination. Give me a fucking break.


Also, Detroit probably has the most corrupt government of any city in North America, and I'm sure that leaches into Pontiac and all the other satellite cities as well.

[ZenOps]

Its a russian white guy who bought it/is trying to buy it?

Remember, Detroit is pretty black and Obama is heading the country now. The shoe might be on the other foot already.

[beyond_ban]

That would be a lot more baller then a lot of $583,000 homes in Calgary.

[Xtrema]

http://www.mlive.com/businessreview/oakland/index.ssf/2008/07/pontiac_approves_silverdome_sa.html

So the city OK the sale to Parker but backed out because they think he can't pull off the redevelopment (it's he's first time)

Otherwise, why would anyone turn down $20M to get $600K?

[Graham_A_M]

Originally posted by ZenOps


Oh how the mighty have fallen... Still waiting for a $10,000 house when California goes bankrupt,

word. :thumbsup:

ooo I can't wait.