valuingsilverdome.pdf (application/pdf Object)
“The Silverdome is worth millions, and this is a disgrace,” was the
resounding response, but the dissident voices hadn’t shown up at the auction
cash in hand, to pay even slightly more in order to prove their point.
Fred Leeb, Michigan’s state-appointed emergency financial manager,
faced hard facts when he hired Williams & Williams. The dome hadn’t
been occupied since 2002, and although traditional brokers had worked
diligently for the past three years trying to sell it, in the meantime the city
had paid roughly $12 million in holding costs and was facing another $1.5
million annually just to keep the 10-acre, 200-ton roof inflated.
Leeb and the state of Michigan saw a problem and said we have to fix this. It can’t get better unless we take action. No one will save us but ourselves. Leeb’s concerns, as well as the citizens’ of Michigan, were those of everyone who owns real estate and doesn’t want to: What’s the property worth?