The Detroit Pontiac Silverdome, an 80,000 seat stadium sitting on 127 acres, has just sold for the titanic price of $583,000. It was sold to a Toronto based company at an auction held by the city of Pontiac, Michigan.
This is a remarkable statement for a building which once hosted the 1994 world cup and was home to the Detroit Lions (when they had Barry Sanders). It also is a harrowing representation of the current state of commercial real estate, shining light upon on an issue many know about but have yet to seen brought into daylight. Should the fabled "other shoe" finally drop off commercial real estate, could this prove to be the rule rather than the exception?
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