Detroit's Silverdome Sells for 1% of $56M Cost

Stunning bargain sale marks state's desperation

By Mary Papenfuss, Newser Staff

Posted Nov 19, 2009 2:06 AM CST

(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.

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Pontiac Silverdome, Pontiac, Michigan (Photo: Business Wire)

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There’s been a massive exodus and the ones who are left are those who, by and large, are lower income. - Economics Prof. Mark Skidmore

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Detroit's Silverdome Sells for 1% of $56M Cost