In Aberdeen, businessman Toby Doeden is making waves with his gubernatorial campaign, prominently advocating for the elimination of all property taxes in South Dakota. Public records reveal that this proposal could save his own real estate investment enterprises over half a million dollars annually, underscoring his extensive connections and considerable wealth in the state’s third-largest city.
Doeden, who owns multiple real estate investment companies, along with the Aberdeen Chrysler dealership and Redfield Ford, boasts a significant business presence. He has more than two dozen linked LLCs, including Plaza Rentals and Tenth Street Properties. These businesses collectively hold a property portfolio exceeding $30 million across Aberdeen, including single-family homes and commercial buildings.
Despite his vast holdings, Doeden claims he is no longer directly involved in the management of these companies. In an interview, he insisted that much of the property associated with him has been placed into a trust and is managed by his family. He expressed concern over misconceptions regarding his current involvement and ownership, stating, “Toby doesn’t hardly own any property in Aberdeen, and I haven’t for a long time.”
However, records contradict his assertions. In his official Statement of Financial Interest submitted to the Secretary of State’s Office, Doeden is listed as a partner in several LLCs, including Plaza Rentals, where he was recently removed as the registered agent but remains a key partner. This shift has raised questions about the true nature of his ongoing business ties.
The portfolio managed under Doeden’s umbrella includes 75 properties valued collectively at over $34 million, with an impending tax commitment of around $558,129 this year. Doeden is also involved in projects like the 4J Commons, an initiative aimed at revitalizing a dilapidated apartment complex, financed through a Tax Increment Financing (TIF) arrangement.
Apart from real estate, Doeden has diversified into cryptocurrency, securing zoning permits for a bitcoin mining operation near his dealerships. Though the details of this venture remain opaque, its profitability and current status continue to be subjects of interest in the community.
In the realm of politics, Doeden touts his business experience as his primary qualification for the governor’s position. Following a successful run in the Republican primary where he gathered 31% of the vote, he is poised for a runoff election. His campaign strategy relies heavily on self-funding, as evidenced by his recent infusion of another $2 million into his campaign, which has heavily focused on advertising and staffing.
Doeden’s financial maneuvers during the COVID-19 pandemic, including receiving a $1.1 million PPP loan intended to sustain employment, have come under scrutiny. While he defends his actions, noting the preservation of 150 jobs, the juxtaposition of his governmental stance against public programs has raised eyebrows among critics.
As he continues his campaign for governor, Doeden’s extensive business background, coupled with the intricacies of his financial dealings—some of which remain unclear due to the nature of trust laws in South Dakota—will likely influence voter perception and the overall race dynamics. His assertion that he has created “thousands of jobs” resonates with many constituents, further complicating the narrative surrounding his wealth and business practices.
