The Palace
Oakland County rejected a summer offer to buy the Palace of Auburn Hills for $384 million in a sale-lease back deal, Crain's Detroit Business reports.
County Executive L. Brooks Patterson says in an interview that he and his administration determined it would have been "a bad move" to buy the home of the Detroit Pistons, who are in talks with the Ilitch organization to move to Detroit in 2018, Kirk Pinho and Bill Shea of Crain's report.
"The county turned it down because it was the fiscally responsible thing to do on behalf of taxpayers," Bill Mullan, a spokesman for Patterson, tells Crain's. "The county did not want to risk having another (Pontiac) Silverdome. The county also thinks the property is better in the hands of (Pistons and Palace owner Tom) Gores, his team, and their vision for the future."
If the Pistons move to Detroit, there's been talk about razing The Palace and building something in its place.
