Doeden’s portfolio: Real estate, car dealerships, bitcoin and a TIF

ABERDEEN, S.D. – Businessman Toby Doeden, whose campaign for governor has hinged largely on the elimination of all property taxes, has links to real estate investment companies that would save more than half a million dollars annually under that plan, according to public records.

Though Doeden said his experience in business is his primary qualifier for governor, little was known about the extent of his ventures and wealth.

Searches of the Better Business Bureau, court records and the state of South Dakota’s consumer protection portal paint a generally positive picture: Doeden’s companies are in good standing and have not had any major outstanding legal or civil issues.

His current statement of financial interest submitted to the South Dakota Secretary of State’s Office lists him as an owner, employee and shareholder, partner or shareholder of 24 companies.

Here’s a snapshot of Doeden’s business activities, based on public records:

• Doeden owns the Aberdeen Chrysler dealership in Aberdeen and Redfield Ford in Redfield. 
• At least 75 properties linked to his companies in Aberdeen and Groton have a current taxable portfolio value of more than $34 million and a property tax commitment this year of at least $558,129. Those properties include single-family homes, commercial buildings and multi-family buildings. Many of the mortgages for those properties were taken out on five-year terms. At least 20 of them have been fully satisfied, with several others partially paid. 
• Doeden was a partner in Plaza Rentals when the city of Aberdeen implemented a Tax Increment Financing (TIF) district for several apartment buildings that the company purchased and redeveloped. 
• His Tenth Street Properties is the deed holder to the building housing Street Corner Urban Market – another LLC tied to Doeden – in Aberdeen, as well as Legends Liquor and Casino. Others are Grand Casino, Royal Casino, and Mulligan’s Sports Bar and Casino, which is also located in the complex owned by Tenth Street Properties. 
• One of his businesses was involved in the zoning of a building for 150 bitcoin mining units near his Aberdeen dealership. That zoning permit, which was issued to son Jackson Doeden and company Plaza Rentals, was initially granted in February 2022 for 70 units and was upgraded to 150 units in June 2022, according to Aberdeen News and minutes from the Aberdeen Board of Zoning meetings. Aberdeen Community Development planner Eric Miller told News Watch that as far as he knew, the mining operation was still active. Bitcoin mining units are large, complex computers that generate units of cryptocurrency through computing efforts. 
• Doeden also runs a charitable organization called the 4J Foundation.

Doeden touts his business experience as his biggest qualification for governor, often calling himself the “outsider” and the “businessman.”

Because no candidate received 35% of the vote in the June 2 primary, Doeden and Gov. Larry Rhoden will meet July 28 in a runoff election.

Doeden has largely self-funded his campaign by loaning it another $2 million this year, in addition to the $2 million he put up in 2025.

Doeden’s fast rise to success seems to have started roughly six years ago.

The South Dakota Secretary of State’s office shows that he took over Plaza Rentals as its registered agent in 2020. That’s also when he took ownership of the Aberdeen Chrysler Center after serving as general manager for nine years and gradually purchasing stock.

All but two of the 27 companies Doeden is linked to were incorporated in or after 2020. Doeden credits his innovative thinking to his success during the pandemic, citing a risk-taking approach and careful planning.

Doeden’s acceptance of a Paycheck Protection Program loan during the pandemic has come under scrutiny during the campaign. Federal records show Doeden’s company received $1.1 million for Aberdeen Chrysler Center, and Doeden said during a debate that 150 jobs were saved at his company from the program.

“I am extremely proud of the work my team and I have been able to accomplish over the years at Doeden Investment Group. Being able to give back to the people and state that have given me so much has been the honor of a lifetime,” Doeden said in a statement to News Watch, declining to answer specific questions for this story.