Group purchases Grand Palace for $5.5M

Tennessee-based group Kingdom Wealth Builders LLC yesterday purchased the iconic Grand Palace Theater in Branson on the Taney County Courthouse steps for $5.5 million - about half of its $10 million asking price.

Branson Realty Inc. has attempted to sell the theater since it closed in 2008. However, the Federal Deposit Insurance Corp. - which became the theater's trustee in 2008 when note holder Columbia Bank, of Kansas, was shut down by federal regulators - decided to accelerate the sale. Hall Entertainment was the most recent owner of the theater, according to Springfield News-Leader reporting.

According to Springfield Business Journal archives, the Grand Palace was scheduled to reopen Aug. 21, 2010, but ran into complications.

Theater manager Paul Dunn, who leased the facility, had attempted to hold a concert featuring hip-hop artist Nelly in the palace's back parking lot, but the concert's location was instead scheduled to be held inside the theater after city officials noted a number of violations. The Branson Planning Department and Planning and Zoning Commission committed to work with Dunn to get the building up to code in time for the concert.

Near the end of July, Dunn told SBJ that project architect Brent Butler removed himself from the project, leading the city to post a stop work order on the theater. The concert was then moved to the Mansion Theater.
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