How bad is it in Detroit?

Is this is any indication?

Nearly 35 years after taxpayers spent $55.7 million building the Pontiac Silverdome and a year after a $20 million sale fell through, city officials have sold the arena once called the most desirable property in Oakland County.

The price: $583,000.

“This was a giveaway,” said David J. Leitch, a broker with an Auburn Hills based realty firm.

By my calculations, that’s about 1% of the actual cost to build the dome.

The winning bidders also got the surrounding 127 acres thrown in for free.

So, how bad is it in Detroit?

Scary bad.

Panic In Detroit! It’s Not Just A Song.

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