TYLER, Texas (KETK) — The Oil Palace in Tyler may soon have a new owner as financial issues have led to a trustee change and potential property sale.
Smith County documents show that Newtek Small Business Finance filed for the removal of the trustee and appointment of a substitute trustee on Aug. 7, citing the failure of the current occupants to meet obligations from previous agreements. The Oil Palace had taken out two significant loans, one in 2017 worth $3.94 million and another in 2018 worth $575,000, Smith County documents revealed.
According to Visit Tyler, the venue has more than 7,000 seats with an 85,000-square-foot live concert and event venue. As they celebrated their 35th anniversary in 2018-2019, the entire venue underwent a $2 million renovation.
If auctioned, it will be up for sale on Sept. 2 at the Smith County Courthouse.
Due to the closure of the Oil Palace, several events have been affected. The Children’s Clothing Consignment Sale announced that they are seeking a new location and have postponed seller registration. The annual Tyler Gun Show, initially scheduled for Sept. 13-14 at the Oil Palace, has been canceled.
The Oil Palace has been a venue for various community events in East Texas, including concerts, auto and cycle shows, and watch parties.
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