The Palace of Auburn Hills, the home of the Detroit Pistons from 1988 to 2017, is set to be demolished the fall of 2019. The Pistons organization announced Monday that the Palace was sold to Pistons owner Tom Gores and Livonia based company Schostak Brothers & Co.
The Palace was opened August 13, 1988, and was privately funded by former Pistons owner William Davidson, becoming only the second NBA arena to not have a corporate sponsor. The Palace underwent $40 million in renovations a few years before closing in 2017.
Gores along with Schostak Brothers & Co. plan to turn the 100-acre lot into a mixed-use office park.
“We promised the people of Auburn Hills and Oakland County that we would find a solution that would be good for the community and make a positive economic impact,” Gores said to the media Monday. “Partnering with a proven, well-respected developer like Schostak Brothers is an important step in delivering on that promise.”
It was rumored that Oakland University was in talks with Gores and his organization about purchasing the Palace to become the new home of the Golden Grizzlies men’s and women’s basketball teams. However, the deal fell through due to financial reasons.
Financial terms of the sale to Gores and Schostak Brothers & Co. have yet to be released to the public.
Featured Image: Paul Sancya/AP