The Pontiac Silverdome, once home to the NFL?s Detroit Lions and NBA's Detroit Pistons, was sold for $583,000, or about 1 percent of the $55.7 million it took to build in 1975.
The Silverdome is an 80,300-seat stadium located in Pontiac, Michigan.
?It?s certainly one of the most severe points in [the area?s] history, because of the economic crisis and the falling housing prices,? says Mark Skidmore, professor of economics at Michigan State University in East Lansing. ?There?s been a massive exodus and the ones who are left are those who, by and large, are [lower] income.?
The Silverdome was considered to be worth $20 million as recently as last year and at least $3 million now. An Oakland County judge has halted the sale until at least Monday. A rival buyer filed an injunction to block the sale.
The city of Pontiac now owns the stadium and is keen to offload it because of high maintenance costs.
Silverdome Sold For Just $583K