What once was Branson’s grandest theater — which is why they called it the Grand Palace — has been sold at auction for about half the asking price.

The Federal Deposit Insurance Corporation, which had taken over the theater’s mortgage when the bank holding it folded in 2008, had asked $10 million. The new owners have paid a little less than $5.5 million. They’ll have to repair damage from vandals and a broken water pipe — and make other repairs before the theater reopens.