After Being Won in an Auction, the Oil Palace in Tyler is Up for Sale

(Tyler, Texas) - The Oil Palace in Tyler is a famous, and infamous, landmark in East Texas. In its heyday, some of the biggest acts performed on its stage. Personally, I've been to all kinds of events at the Oil Palace.

In August of this year (2025), we learned that the Oil Palace had an outstanding debt of $575,000. If it wasn't paid on time, the venue would go up for auction. That deadline passed and on October 7, 2025, the Oil Palace was auctioned off for just over $4.7 million. It is now up for sale.

The Oil Palace in Tyler is for Sale

On Tuesday, October 7, 2025, the Oil Palace in Tyler went up for auction on the steps of the Smith County Courthouse (KLTV). That meant that anyone could take a shot at owning this iconic East Texas venue. After several bids, Newtek Small Business Finance won the auction with a bid of $4,763,765.26.

After that auction, the Oil Palace is now up for sale. Staple's Commercial Group has listed the venue at a price of $6.9 million. For that price, you'll get the 60,000 square foot venue, the equipment inside and more. So yes, this is another chance for you to own the Oil Palace and transform it back to its glory days.

READ MORE: The Oil Palace in Tyler has a New Owner After $4.7 Million Sale

READ MORE: We Need Less Restaurants in Tyler and More Entertainment Options

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History of the Oil Palace in East Texas

The Oil Palace has a rich history of entertaining East Texans for several decades. I've seen many concerts there, monster truck shows, circuses, sales and more. One story I always love telling is when I got to meet Garth Brooks in 2001. I mentioned to him that I was from Tyler. Without a second's hesitation he replied with, "You've got that Oil Palace, don't ya?" He remembered playing there in what, 1989?

Longtime East Texans remember when Ozzy Osbourne was booked to play a show in the 80s but resident backlash cancelled that show.

The Not-Great-Reputation of the Oil Palace in Tyler

The Oil Palace has not had the best reputation over the last couple of decades. That's really sad for the rich history that building holds in East Texas. Here's to hoping the new owners make the necessary improvements to get the Oil Palace back to its glory days.