What can you buy for $583,000?
How about an abandoned 88,000 seat sports stadium in Detroit?
That's what the Pontiac Silverdome, former home to the Detroit Lions, just went for at bid to Canadian real estate firm Triple Properties, Inc.
The price per seat is less than the cost of a hot dog and soda at a football game. Not a bad price if you have deep enough pockets.
Fred Leeb, the City's emergency financial planner, is quoted as saying "The Silverdome will now be in the hands of professionals who can devote their time to transform this high-profile property into a vital asset instead of enabling it to continue to languish as an empty facility..." That would be true if the buyer had deep pockets and a plan. Neither is the case, apparently.
I can imagine that 57 year old Andreas Apostolopoulos of Toronto may be having a bad case of buyer's remorse, having put up a quarter of a million dollars of his own money for a property whose annual maintenance costs exceed $1.5 million.
The buyer admits that he didn't expect to be the winning bid. Oh, crap! What do I do now?"