The Oil Palace hits the market for $6.9M

TYLER — The Oil Palace in Tyler is up for sale with a listing price of $6.9 million, according to our news partners at KETK. Listed on Staples Commercial Group, the East Texas venue is described as one of the region’s most iconic entertainment venues with 44 acres, seating for 7,000 to 9,000 and comes with all original operating equipment, including audio equipment, lighting and kitchen equipment.

“A renovation in 2018 modernized seating, roofing, and layout, this property offers compelling opportunities for an investor,” the website reads. “With so few venues of comparable scale in East Texas, this is a rare chance to own a landmark property brimming with legacy, potential, and flexibility.”

In August, Newtek Small Business Finance filed for the removal of the trustee and appointment of a substitute trustee, citing the failure of the current occupants to meet obligations from previous agreements.

The previous owner of 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.

Those interested in purchasing the venue can contact the Staples Commercial Group.