Silverdome's bargain price reflects financial woes in Detroit suburb of Pontiac

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An attempt at a U-turn for struggling Pontiac, Mich.

With a $7 million deficit and roughly $100 million in debt, the state of Michigan has declared a financial emergency in the once bustling city of Pontiac.

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On Nov. 16, two of the bidders showed up at the Pontiac Marriott. Apostolopoulos called in by phone. The auctioneer's first call for $1 million was met with silence, Leeb said.

Any takers at $750,000?

None.

$650,000?

Nothing.

$550,000?

Apostolopoulos spoke up, according to Leeb, and with $33,000 in fees on top, the enormous stadium was sold.

"Nobody bid more," Leeb said. "You can hope and dream whatever you want, but that's the reality of what we got."

Apostolopoulos said he's "always wanted to own something like" the Silverdome. He's thinking of it as a venue for soccer or other sports events and concerts, and expects he'll have to spend around $10 million to upgrade it.

"I think I got a very good deal," he said. "I thought it was going to be higher, but it's not the price you pay, it's the price you have to put in to fix it up."

Some Pontiac residents worry he got too good of a deal. The sale price and Pontiac's poor fiscal state, they say, have been the butt of jokes in town -- even though real estate prices here have fallen as much as 50 percent on housing and almost as much on office buildings and shopping malls.

"We're the laughingstock of the country," said Quincy Stewart, a 51-year-old music teacher who lives in Pontiac. "Our town is broke. We're poor, and then you sell our Silverdome for peanuts. This is an insult."