The park operated under Cedar Fair's ownership as Knott's Soak City until 2013 when CNL Lifestyle Properties acquired it and changed the name to Wet'n'Wild Palm Springs.

[8] On August 14, 2013, Cedar Fair announced it had sold its Palm Springs Soak City to CNL Lifestyle Properties.

As part of the transaction with Australian firm, Village Roadshow Theme Parks, CNL also acquired rights to the Wet'n'Wild brand in the United States.

[13] In January 2019, the park was acquired by Pono Acquisition Partners I, LLC and was set to reopen in 2021, however the opening was delayed until 2024 due to the COVID-19 pandemic.

In June 2019, shortly before demolition commenced[14] at Wet'n'Wild Palm Springs, professional skateboarders including Lizzie Armanto, Omar Hassan, Riley Hawk, Tony Hawk, Aaron Homoki, Kevin Kowalski, Torey Pudwill and Daewon Song spent a week filming in the closed park to create a nine-minute viral video for Thrasher Magazine entitled "High 'N' Dry".