Tyler Oil Palace sold to lender at foreclosure

Tyler's iconic Oil Palace, located at 10444 County Road 1113, was sold at a foreclosure auction for $10.1 million this past Tuesday, October 3, on the steps of the Smith County Courthouse.

The winning bid came from the lender, Oil Palace Finance, LLC, an entity affiliated with BancFirst. The auction stemmed from a debt owed by Oil Palace Ministries, Inc., with the original debt issue having been filed in July 2023.

The Oil Palace, a prominent East Texas entertainment landmark, was built by Fredonia and David Palmer. It first opened its doors and hosted its inaugural concert in 1983, becoming a key venue for concerts, conventions, and other large-scale events in the region.

Despite the change in ownership, there is a positive outlook for the venue's continued operation. Reports indicate that the Palmers may lease the facility back from the new owner, suggesting that the Oil Palace will remain open and continue to host events for the community. For event schedules and more information, visit oilpalace.com.

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