Landmark Branson Theater Sold at Auction
FORSYTH, Mo. (AP) - A vacant landmark theater in the Missouri music resort of Branson has new owners.
The Grand Palace was sold at auction Wednesday outside the Taney County Courthouse for slightly less than $5.5 million. A real estate agent had listed the theater for $10 million.
The seller was the Federal Deposit Insurance Corp., which became the theater's trustee when the bank that held the mortgage was closed in 2008. The Grand Palace also closed that year. It's been damaged since then by vandalism and a broken water pipe.
KYTV reports the buyer is a group called Kingdom Wealth Builders. Its agent says the group wants to begin renovations as soon as possible and start booking acts.
The theater opened in 1992 and hosted shows by entertainers as Loretta Lynn, Bill Cosby, Jeff Foxworthy and the Rockettes.