“Auctions are all about price discovery through competitive bidding,” said Amy Bates of Williams & Williams, the Tulsa-based auction house hired to sell the Pontiac Silverdome in 2009, per CNNMoney. Nobody, it turned out, knew what the stadium was worth.
The city of Pontiac, Michigan, built the stadium in 1975 at a cost to taxpayers of $55.7 million, according to The Detroit News. When it opened, it was the NFL’s largest stadium, per CNNMoney. The Detroit Lions played there from 1975 to 2001 and moved to Ford Field in 2002.
By 2009, the building was a drain on a city in financial distress. Pontiac’s emergency financial manager, Fred Leeb, said it cost about $1.5 million a year to maintain, per CNNMoney. The city set no minimum bid, and the auction house declined to estimate the stadium’s value.
Andreas Apostolopoulos of Triple Properties Inc. agreed to pay $583,000, per Greek Reporter. That was just about 1% of the original cost.
The new owner had plans. “We want to have sporting events there,” Apostolopoulos said. Leeb said Triple Properties would try to bring a Major League Soccer team to the area, with the Silverdome as its home field.
Not everyone was ready to hand over the keys. A judge temporarily blocked the sale after Bloomfield Hills attorney H. Wallace Parker claimed he had signed a $17 million purchase agreement for the stadium in August 2008, per Greek Reporter and The Christian Science Monitor.
The Silverdome did not get a second act. The inflatable roof collapsed under a snowstorm in January 2013, per the Detroit News, and in 2017 the owners agreed in court to a demolition plan after city complaints about violations. “It is time now for it to be demolished,” Pontiac Mayor Deirdre Waterman said.
The site has a new tenant. In 2019, Amazon proposed a $250 million project there, with plans for at least 1,500 jobs, per Crain’s Detroit. By September 2021, a robotic fulfillment center had opened where the Silverdome once stood, according to WTVB.
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