AUBURN HILLS (WXYZ) — A family-owned real estate business is in talks to purchase the Palace of Aurburn Hills, sources say.
The potential deal is in the works to sell the property to Schostak Brothers & Company, based in Livonia. The deal "looks promising," the source told Action News, but is pending final negotiations.
Schostak has been in Michigan since 1920.
Sources tell me a potential deal is in the works to sell The Palace of Auburn Hills to Livonia based developers Schostak Brothers, but the deal is pending final negotiations. Not done yet, but looks promising.— Brian Abel (@BrianAbelTV) April 10, 2019
This comes after this @crainsdetroit report:https://t.co/xzYmqd8qdu
The Palace of Auburn Hills is the former home of the Detroit Pistons.
In October 2018, there were reports of Oakland University being in talks to purchase the arena, however, those reports were quashed by a spokesperson from the university who said it was "an interesting rumor."
Stay with Action News for updates on this development.