By the time it closed as an NBA venue, the Palace was one of only two arenas that had not sold its naming rights to a corporate sponsor.

His signature, along with the retired numbers, were removed from the hardwood when Tom Gores bought the Palace and were re-retired on its rafters as replacement banners.

[7][9] The Davidson family held a controlling interest in the arena until Tom Gores bought it as part of his purchase of the Pistons in 2011.

[7] Then-Pistons owner Bill Davidson and two developers privately financed the $90 million construction of The Palace, and did not require public funds.

[7] The Palace was built with 180 luxury suites, considered an exorbitant number when it opened, virtually all later consistently leased.

In December 2005, the Palace added five underground luxury suites, each containing 450 square feet (42 m2) of space and renting for $450,000 per year.

[20] The architectural design of the Palace, including its multiple tiers of luxury suites, has been used as the basis for many other arenas in North America since its construction.

By contrast, of the other NBA venues that opened during the 1988–89 season, Charlotte Coliseum, Miami Arena, the Bradley Center and ARCO Arena were considered obsolete relatively quickly, due to a lack of luxury suites and club seating, lucrative revenue-generating features that made pro sports teams financially successful in order to remain competitive long-term.

[28][29] On July 22, 2008, nearly four years after this incident, another fight took place at the Palace, this time between the Detroit Shock and Los Angeles Sparks of the WNBA.

On March 31, 1995, Lance Alworth Cunningham, a 23-year-old who thought Led Zeppelin's music contained Satanic messages, tried to rush the stage with a knife.

[54][55] Grand Funk Railroad performed a benefit show for Bosnia and Herzegovina in March 1997 on their Reunion Tour.

The show also featured Peter Frampton, Alto Reed, Paul Shaffer, and the Detroit Symphony Orchestra.

[58] Australian children's music group The Wiggles performed at the Palace on August 15, 2005, with their "Sailing Around the World Live!"

Taylor Swift, who opened for Brad Paisley at the Palace on October 4, 2007,[59] returned on March 26–27, 2010, playing back-to-back sold-out shows during her Fearless Tour.

The band came back to the arena on August 3, 2016, to perform for a sold-out crowd of 15,436 as part of their A Head Full of Dreams Tour.

[61] In October 2016, it was reported that the Pistons' ownership were negotiating a possible relocation to Little Caesars Arena, a new multi-purpose venue then under construction in Midtown Detroit, for the 2017–18 season.

[74] At its closure, the Palace was still in top condition as a sporting and concert venue,[72] but its location in a northern suburb, far from the city center, conflicted with a trend of "walkable urbanism" that the Pistons thought would grow their fanbase.

[75] It was speculated that the Palace would likely end up being demolished, and the site would be redeveloped to accommodate a possible new auto supplier headquarters and research and development parks.

[80] On June 24, 2019, the arena was sold to a joint venture, which planned to redevelop the property into a mixed-use office park.