The Detroit Free Press reports that the legendary arena known as The Palace of Auburn Hills will be demolished this fall.

Opened in 1988, and completely funded by the late Bill Davidson, former Detroit Pistons owner, The Palace will be redeveloped by the real estate firm Schostak Brothers, who agreed to purchase the building from the team's current owner Tom Gores earlier this year.

The land is said to be in high demand for industrial and light manufacturing uses. Schostak will turn the 100-acre lot into a mixed-use office park. A timeline for that redevelopment has not been determined.

The last event at The Palace of Auburn Hills was a Bob Seger concert in September 2017. Currently, the Detroit Pistons still have their front offices and workout facilities inside of the arena. the new team headquarters is expected to open later this year in Detroit's Midtown neighborhood.

There is the possibility of a public auction of Palace equipment, memorabilia, and other items prior to demolition. Most items still inside of the arena should be in rather good shape, considering Gores invested $40 million in renovations to the arena back in 2015, less than two years before he moved the team downtown to Little Caesars Arena.

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