Silverdome Sells for Less Than House

The real story here is that foreign money is reinvesting in Detroit. This is a trend which will be going supernova on a national scale in the near future. Unlike 2004-2007 this will not be a bubble but a skimming off the top of assets for pennies (fraction of pennies) on the dollar. In the 1980s there was concern over the Japanese buying iconic buildings like the Rockefeller Center in New York - today, Americans are too broke to care and too clueless to understand what this means...that capital has and will continue to flee this country and will not return until the standard of living is SIGNIFICANTLY lowered. When the capital does return, Americans will be working in factories owned by offshore corporations.

Silverdome Sells For ... Less Than a House

Unidentified Toronto-based real estate company buys Pontiac stadium for $583,000 - a fraction of the $55.7 million it cost to build.

NEW YORK (CNNMoney.com) -- An unidentified Canadian real estate company was the winning bidder for the Silverdome, snatching it up for a mere fraction of its original value.

A Toronto-based family-owned company bid $583,000 for the under-used stadium on Monday, which is currently owned by the City of Pontiac, Mich., according to auctioneer Williams & Williams.

The company plans to refurbish the Silverdome into a stadium for men's Major League Soccer and women's professional soccer teams, said the auctioneer. While the stadium was the former home of the National Foodball League's Detroit Lions, it also played host to the World Cup in 1994, when Brazil beat Italy in a knuckle-biter that ended in a penalty shootout.

The auctioneer Williams & Williams, based in Tulsa, Okla., said it will not identify the buyer "until the final details are worked out and the sale closes."

"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," said Fred Leeb, the emergency financial planner for Pontiac, in a press release.

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