Wells Fargo Files Lawsuit Against Rushmore Mall In Rapid City


SOME BAD NEWS FOR THE RUSHMORE MALL IN RAPID CITY THIS MIDDAY. WELLS FARGO HAS FILED A LAWSUIT IN PENNINGTON COUNTY, ASKING A JUDGE TO FORECLOSE ON THE PROPERTY. ACCORDING TO COURT DOCUMENTS, THE OWNERS OF THE RUSHMORE MALL GOT A LOAN BACK IN 2006 FOR 94 MILLION DOLLARS. WELLS FARGO SAYS THE OWNERS STOPPED MAKING ITS PAYMENTS. THE BANKING COMPANY SAYS S-M RUSHMORE MALL, LLC OWES MORE THAN 100 MILLION DOLLARS, EVEN THOUGH THE RUSHMORE MALL IS ONLY VALUED AT 36 TO 42-MILLION DOLLARS. WE ARE CONTINUING TO DIG INTO THESE COURT DOCUMENTS AND WILL HAVE MORE ON KELOLAND NEWS.

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