It was a scorching day in Manhattan outside the U.S. bankruptcy court, but the bidding war inside was even hotter.
As temperatures climbed to nearly 100 degrees, an audience of attorneys and onlookers crowded into the courtroom on Aug. 3, 1993, to watch Peter G. Angelos square off against a New York art dealer. For 16 rounds, the two sides slugged it out, offering higher and higher sums.
The prize? The Baltimore Orioles. The cost? An unprecedented $173 million.
When the art dealer relented, the audience broke into applause, cheering Angelos, The Baltimore Sun reported, but others “murmured their disbelief at the price.” No one had ever paid that much (about $366 million in inflation-adjusted dollars) for any professional sports team in American history, and even Angelos was surprised he had paid that much. (updated again again)
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