Wells Fargo Files Lawsuit Against Rushmore Mall In Rapid City

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Some bad news for the Rushmore Mall in Rapid City. 

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.

Wells Fargo says the owners stopped making its payments.

The banking company says S.M. Rushmore Mall, LLC owes more than $100 million, even though the Rushmore Mall is only valued at $36 to $42-million.

We are continuing to dig into these court documents and will have more on KELOLAND News.
 

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