Bargain deal for Silverdome smells fishy
Even in Michigan's miserable economy, $583,000 for the Pontiac Silverdome and its surrounding 127 acres seems like too much of a bargain. But that's the deal Pontiac made to sell the white elephant to a Toronto group that wants to use it as a soccer facility.
Take the structure out of the equation, and that adds up to roughly $4,500 an acre for prime real estate in the heart of Oakland County. Circuit Judge Edward Sosnick has put a hold on the deal and will try to sort it out today when he hears a legal challenge from another investment group that offered $17 million for the facility last year.
This latest deal smells fishy, which is not an unusual smell for deals in Pontiac. The city should at least explore whether the previous would-be buyers can deliver on their bid.
Of course, the city has now made such a mess of things that the matter is likely to stay in court for a good long time, meaning the expense of maintaining the facility will remain on its books. Again, not unusual for Pontiac.
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Interesting
Thanks for pointing this out, Nolan. Something is definitely wrong behind the scenes here.
Silverdome
Reserve. Even eBay puts a reserve on items so that they don't sell below a silly price. Shouldn't a reserve at the minimum acceptable price have been in place?
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