Detroit's Silverdome Sells for 1% of $56M Cost
Stunning bargain sale marks state's desperation
By Mary Papenfuss,  Newser User
Posted Nov 19, 2009 2:06 AM CST
Pontiac Silverdome, Pontiac, Michigan   (Photo: Business Wire)

(Newser) – In a stunning sign of the imploding economy, Detroit is selling its $56 million sports dome for a bargain basement $580,000. The 80,000-seat Pontiac Silverdome, once home to the Detroit Lions, went for 1 percent of the cost to build it 35 years ago. The city of Pontiac owns the stadium, which was valued at $20 million just last year. Analysts say the price is a stark demonstration of the area's economic devastation.

“It’s certainly one of the most severe points in history, because of the economic crisis and the falling housing prices,” said a local economics professor. The crisis is not just affecting blue collar workers, but "we're talking about well-paid, white collar professionals" as well, a county foreclosure counselor told the Christian Science Monitor.