Detroit’s Pontiac Silverdome Sold For Peanuts

20 11 2009

From glory to gritty in just 7 years

 

Facing a budget deficit of $6 million on top of already being $103 million in debt, on top of 35% unemployment, Pontiac, Michigan is definitely in a financial crisis.  What’s the best way to get yourself some emergency funds?  Have a fire sale!  Just yesterday, Toronto developer Andreas Apostolopoulos, CEO of Triple Properties Inc., purchased the Pontiac Silverdome at auction for, get this, $583,000.  Man, that’s worse than a fire sale.  That’s like when crackheads come to the barber shop selling brand new hijacked Rolex’s for fifty bucks.

Apostolopoulos says, “It’s not the price you pay to buy it. It’s the price you pay to fix and carry it over. That is where the big money is going to go.”  But still, $583k for a stadium that holds 83,000 people, where the Lions played until 2002, which cost taxpayers $55 million in 1975 is literally peanuts.  Pontiac stands to collect $420,000 after taxes from the sale, but it’s incredibly far from its goal of $7 million.  Sad…sad…sad…

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One response

26 11 2009
ahrcanum

gross neglect and government mis-management- a good deal for the developer and it is off the city books. Betcha the guy already wears a Rolex!

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