Updates on remaining Badlands Entities
Posted May 2, 2018
We continue to get inquiries regarding all of our Badlands assets. This is an update on the full statement below.
The signal KBAD 94.5 has been sold to Real Presence Radio.
Our entire gun inventory from our Badlands Gun Store including the rental machine guns from the Gun Range and the entire inventory of furnishings and displays has also been sold as one lot to a very appreciative gun store owner in Florida.
Our former KBAD building and land that was located adjacent to the main pawn shop building is currently in escrow and we plan to close on that property sometime in the next few weeks.
We are in the process of removing all of the signage from the main 60,000 square foot building on over 3 acres of land at this time and will be removing all of the remaining Badlands branding over the next few weeks to make way for a new owner or tenant to purchase or rent this this building. We are also in the process of selecting our realty team to list this property on a national level to find the best possible fit for this one of a kind property once the de-branding process is complete. Although all of the inventory is sold and gone in the Gun Store, the full gun range is still completely in tact and ready to open should the new owners of the building wish to do so.
A turn-key Badlands Motor Speedway property as described below will be for sale in a "Buy Now" fashion for $9,450,000 up until Wednesday, June 13th, 2018 at 5pm. If nobody purchases this property by that time, approximately 1 week later on or about June 20th at the Speedway in Brandon South Dakota we will be holding a National Scale Auction to fully auction off all of the property and assets to one buyer. We are finishing up the details on this over the next few weeks and everything will be published and posted at that time to allow potential bidders to pre-register and prove financial ability to purchase the property thru the Auction House.
We are welcoming complete tours of either facility and have the entire asset list to provide to any qualified buyers. As the remaining properties are at this time still for sale by owner, the best pricing available is now. Simply send an inquiry to the email address below for a quick response.
In addition, Dollar Loan Center has sold all of it's South Dakota locations including it's former corporate headquarters located in the Historic Loop Plaza in Sioux Falls. This Corporate Plaza and our location at 41st and Hawthorne in Sioux Falls were both sold to the Black Hills Federal Credit Union companies in 2017. We also sold our properties in Aberdeen, SD. Dollar Loan Center / DLC Holdings no longer holds any real estate in South Dakota.
Remaining Badlands Entities To Cease Operations After Recent State Ruling
Posted September 23, 2017
On November 8th, 2016 a ballot initiative passed in South Dakota to limit all short term lending to 36% APR. This measure passed 76% to 24% and ended a 14+ year run for Dollar Loan Center. Customers kept calling DLC seeking short term cash solutions. Dollar Loan Center immediately got to work developing a lending product that would conform with the new law requirements.
In June 2017, DLC contacted the Division of Banking fully disclosing the new loan product. In July DLC launched this same product. Customers were excited and grateful. The events that followed were completely unprecedented. On September 13, 2017 DLC was shocked by the reckless actions taken by the State’s Division of Banking. With no advance notice to DLC, the media was alerted that DLC’s lending licenses were revoked by the Division of Banking. Shortly thereafter, DLC received the same written communication that was first released to the media. DLC has been in full compliance with the order to immediately stop lending money as well as stopping collection on all DLC loans. DLC does not agree with the order especially as it regards the ability to collect on previous loans however, compliance is mandatory. We remain confident, along with our entire legal team, in DLC’s compliance.
In 2015 Chuck Brennan and his team launched a massive community enhancement project called Badlands. This project included the best Race track and outdoor amphitheater ever built in the Midwest. It included a 70,000 square foot "Pawn Shop" that had a foundry, tattoo parlor, deli, gun range, gun store, concert venue, music department, casino, house band, entertainment group, radio station and retail store. It created the best Rock station ever in Sioux Falls in KBAD with #1 ratings for 18 months in a row. It created a state of the art Gun Store with an indoor 14 lane shooting range allowing members of law enforcement to shoot for free. At costs of over $75,000,000 spent mostly with South Dakota businesses, and providing over 400 jobs, it made a major impact
Building off of the success of DLC operations, Chuck was excited to reinvest profits in South Dakota. Badlands Speedway, Gun World, and KBAD remained open as DLC worked to develop a lending product that would allow us to become fully operational so we could continue to reinvest in the community.
While we would like to resolve the current issues quickly, we expect that the costs and time constraints of litigation will be considerable. Without the financial support of Dollar Loan Center, and with an unknown time line, we must make difficult business decisions.
Effective immediately we are permanently closing the Badlands Entities and putting all of the properties and assets on the market for sale. We owe a great deal of gratitude to our team, the loyal customers, and the incredible number of South Dakotan’s that helped bring this project to life. We are optimistic that we will find some new owners for all of these properties, entities, and assets so that the folks will continue to invest in the economic future of Sioux Falls.