The bank hired to broker the sale of the Detroit Pistons and Palace Sports & Entertainment Inc. is seeking $500 million, a price industry insiders consider to be too high.

Karen Davidson, who has owned the team since the March 2009 death of her husband, Bill Davidson, has hired New York City-based Citi Private Bank's sports finance and advisory team to broker a sale.

The Pistons are valued at $479 million by Forbes, although analysts warn that the financial publication's valuations are suspect.

"Today, with the financial uncertainty, the tremendous dislocation of the Michigan economy, that would be an extraordinary price to be achieved," Marc Ganis, president of Chicago-based sports consulting firm Sportscorp Ltd.

"If it were two years ago, maybe."