Silverdome sells for $583,000
After reading about the auction in a newspaper, Greek-born Canadian real estate developer Andreas Apostolopoulos, CEO of Toronto-based Triple Properties Inc., submitted a winning bid of US$550,000. Real estate fees of 6% raised the price to US$583,000. The sale of the Silverdome, completed in 1975 at a cost of $55.7 million (approx. $225 million in 2012 dollars), and sold in 2009 for $583,000 was viewed by many as a symbol of the collapse of real estate prices in the Detroit metropolitan area though many local leaders and residents claimed the sale was brought about due to the incompetence of city management and their not having a vision or future plans for the stadium and surrounding area.
The abandoned Silverdome - From a 'domed' stadium to a 'doomed' stadium.