Wouldn't this be the best thing you could do if you had an extra $583K? What a yard! You want to have a party? How about seating for 80,300 guest? Worried about parking at your current party house? The Silverdome has a 130-acre parking lot. Tent rentals can be a pain in the ass, but not with one of the largest enclosed single room buildings in the world.
Talk about a electronic playhouse. I'm not sure whether the Jumbo tron is still in there, but if so, hook that baby up to DirecTv and you've got 1080P across 30 or 40 feet. The sound system? They have more speakers in the Silverdome than you can count.
The furniture is on the low end, but you can leave the 77,000 plastic seats for the late arrivals. The 103 suites are nicely appointed and the owner's (that's you) suite is downright swanky. I'm sure the City of Pontiac cleared out the hooch, but stocking the bars is easy. You have a bunch of college friends, set each up in a suite for a weekend of flag football, soccer, or demolition derby.
How many people in the world own a place that has hosted Elvis, Led Zeppelin, Pink Floyd, Grateful Dead, Rolling Stones, two Super Bowls, a Final Four, and an NBA All-Star Game? Only you, Brother.
Prepare for the Great Depression.
Survival Seeds
The kicker? 6 digit electric bills every month. D'oh...
ReplyDeleteThe perfect facility for FEMA! Remember New Orleans!
ReplyDeleteIll bet if they had sold off all the infastructure and improvments they would have been at least several million dollars and still own the land! Perfect example of governmental idiocy. The buyer probably gave lots of secret campaign contributions to the seller.
ReplyDeleteThe buyer was a Canadian from Toronto
ReplyDeleteFWIW, the Silverdome only hosted 1 Super Bowl. It did host the first ever indoor World Cup game back in 1994.
ReplyDeletewhy is there no higher bidder for this item? I get the sense this may be a corrupt transaction, where it was sold to a friend as a favor
ReplyDeleteOf course it was a corrupt transaction. Kind of like when Ebay had their initial IPO through Goldman Sachs. You had to have a million dollars on hand or be willing to give a GS executive head in order to buy any Ebay stock at the $10 IPO price.
ReplyDeleteThat's how things work. Minions don't have a chance to get in on the great deals.
Parking lots don't keep a lot of value, and there is only so much you can get back with scrap metal, a ton of plastic seats, and broken concrete.
ReplyDeleteHello, I live in Vatican City. If these people were smart they would have built their huge cathedral to sports with gold. Buy gold, build everything with gold, line your pockets with gold. Gold is what makes the world go round. You heard it here first.
ReplyDeleteIf you really knew how bad things are in Detroit, this would not suprise you...Hundreds of foreclosures on nice homes and no buyers, Detroit has thrown around not patrolling parts of the city, its so bad...This fella who bought it is brave, he gets all that responsibility, taxes, utilities, security etc to deal with, Detroit is lucky somebody will take care of it,,,
ReplyDeleteIn addition to the Superbowl, Led Zep, and Pink Floyd, the Who played a show there in 1976 that sold out in record time, part of which was on The Kids Are Alright movie soundtrack.
ReplyDeleteAs for the sales price, as 2:00 PM wrote, the Silverdome is now in a "bad neighborhood" and is now considered junk real estate. I think whoever bought it made a serious error, since the City of Pontiac is going to gouge him or her for tax upon tax upon tax.
7:59 - Yup, another FEMA prison - my thoughts exactly!
ReplyDeleteJust a small correction to the article, we have to take into account depreciation. The Silverdome is about 34 years old and depreciation for non residential structure in the US is over 39 yrs which would put the current value of the silverdome to $7.1M. This therefore means that it was sold at only 8% of its current value resulting in a 91% devaluation which is significant and alarming.
ReplyDeletesorry correction to the above (9:44), devaluation of 92% and the $7.1M value is not taking into account the income generating capacity of the venue which will put the value much higher that 7.1M.
ReplyDeleteMy maths is not very good but if we use current value accounting and adjust the $55M to inflation over 34yrs what is the current view?
ReplyDelete