Distressed Real Estate taken to the extreme

Detroit is in bad shape that is no secret but the recent sale of the Pontiac Silverdome show just how bad it really is. The Silverdome built in 1975 recently sold at auction for $583,000.  When built the property cost 55.7 million to build which will leave the city with less than 1% of their initial investment.   It was reported that the City turned down offers for 17, 18.5, 22 million. This is a great example of the kind of sale that happens at auctions. While banks, institutions want to rid themselves of real estate, auctions provided buyers, but rarely are they willing to pay a market price.  Included with the dome was over 100 acres.