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Sold to the Winning Bid: $583,000! (Oh, Crap! What Do I Do Now?)

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 bidOh, crap!  What do I do now?"

Stay tuned.

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Mike Jones (Tucson Mortgage Company, LLC): Loan Officer in Tucson, Pima County, Arizona
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Comment balloon 21 commentsMike Jones • November 24 2009 08:32AM

Comments

Mike, I can just hear the winning bidder saying those words...Oh crap, what do I do now!" Sounded like a really good deal until you brought up those yearly fees.

Posted by Margaret Rome Baltimore 410-530-2400, Sell Your Home With Margaret Rome ( HomeRome Realty 410-530-2400) over 10 years ago

Most of the taxpayers in Michigan are "up in arms" over this sale since this stadium was initially constructed with public funds.  The City of Pontiac really "dropped the ball" over the last couple years by not "pulling the trigger" on offers received in the millions-of-dollars.

Posted by Tom Boos, Providing the very best of service to Sellers and (Sine & Monaghan Realtors, Real Living) over 10 years ago

Mike,

As they say in the auto sales industry:  "There's a butt for every seat."

And a buyer for every property....

Posted by Mike Jaquish, 919-880-2769 Cary, NC, Real Estate (Realty Arts) over 10 years ago

Mike,

I've heard that expression before!  :)

Tom,

I can imagine why!  They may end up with the property again.

Margaret,

"I think I can, I think I can, I think I can...  Oh, dang!  What's the rest of that?" 

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago

I had heard about this.  It's pretty tragic.

Posted by Jane Peters, Los Angeles real estate concierge services (Home Jane Realty) over 10 years ago

Jane,

Maybe it's a bargain; maybe it's a rathole.  It all depends on what happens with the local economy.  Back in 1975, before you were born, this stadium was built at a cost of more than $55 million.  Factor in the time value of money, and the city is actually paying the developer to take it off its hands.  If he makes a go of it, he'll be a hero.  Otherwise...

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago

OH CRAP, I think that this just may fall into the category of "More Money than BRAINS"!!!!!  Oh well live and learn.

Posted by Don Rogers, Realtor, Broker, CDPE, GRI, OnullFallon MO & St Charles County MO homes (Keller Williams Realty Chesterfield) over 10 years ago

Don,

My first thought was "wow."  My next thought was "WOW!"  I'm waiting for the other shoe to drop.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago

Oh, waaaay befoe I was born.  You are so sweet.

Posted by Jane Peters, Los Angeles real estate concierge services (Home Jane Realty) over 10 years ago

Jane,

Momma taught me well.  :)

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago

Pretty scary, eh?  What will they do with it?  Tear it down and build something else?  He may have been the only bidder.  LOL! 

 

Posted by Doreen McPherson, Phoenix Arizona Real Estate ~ (Homesmart ~ Scottsdale ~ Tempe) over 10 years ago

I almost got stuck with it with my $580,000 bid. However, I had a plan for both the building and all those acres, especially since the zoning laws have been changed to help out. I was going to make it into a realy nice Zoo and Nature Conservation Facility. Hey, I can dream, can't I?

Happy Thanksgiving from our house to yours!

Posted by Not a real person over 10 years ago

Mike - so this would qualify as a money pit... LOL. Ouch. Or somebody better be buying a lot of expensive hot dogs! ~Rita

Posted by Brian Burke, Broker & Advising Expert-Denver Luxury Real Estate (Kenna Real Estate) over 10 years ago

Rita,

It very well may be a money pit.  Stay tuned.

Russel,

I like your idea!  Happy Thanksgiving!

Doreen,

It's good to see you.  I'm going to have to google Pimenta now.  LOL  Happy Thanksgiving.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago

Active Rain had some major log in issues yesterday and I didn't get to make my rounds and tell everyone Happy Thanksgiving!

Posted by Chip Jefferson (Gibbs Realty and Auction Company) over 10 years ago

Happy Thanksgiving to you, Laura!

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago

I remember sitting on the 50 yard line in that stadium...on Thanksgiving Day....

Posted by . 4Terra Land Brokers .. 828-776-0779 Asheville NC, What's Most Important to YOU? Call(828)-776-0779 ( REAL ESTATE RESOURCES & NETWORK ) over 10 years ago

Surely he had a plan when he made the bid??  But then maybe he didn't do all the research that he should have??

Posted by 1~Judi Barrett, BS Ed, Integrity Real Estate Services -IDABEL OK (Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745) over 10 years ago

"Oh, Crap! What Do I Do Now?"

I suggest Apostolopoulos  wipe for all the normal reasons!

Talk about a monument!

Bill

Posted by William J. Archambault, Jr. (The Real Estate Investment Institute ) over 10 years ago

Bill,

It's going to be interesting to follow up on this one...from a distance.

Judi,

There were four bids, and according to the winner, "No.  No plan."  He didn't expect to win.

janeAnne,

Now there's a memory!  You should write the guy and see if you can turn it into a listing.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) over 10 years ago

Biosphere North?  The world's largest indoor flea market?  Parking lot for abandoned & confiscated vehicles (see Orange Bowl in Miami)?  Movie set for the next time the "close encounters" genre gets popular again?  Super double-secret location for new treasury printing presses to ensure we have enough paper money floating around after the next bailout?

(breath)

Andreas thought it was a giant Mentos & now he's looking for a giant Diet Coke building to see how big a fountain he can generate?  A single-celled jail for Michael Moore & his ego?  Burial ground for Wall Street promises?  He's going to turn it into the only single point of light visible from space (why?  we don't know, but it will be bright)...the possibilities are endless!

Posted by Kent Simpson, Real Estate Is About People (Realty One Group Mountain Desert) over 10 years ago

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