ABERDEEN, S.D. – Businessman Toby Doeden, whose campaign for governor has hinged largely on the elimination of all property taxes for South Dakotans, has links to real estate investment companies that would save more than half a million dollars every year under that plan, according to public records. That number reflects the sheer size of the candidate's reach and business experience in the state's third-largest city.
Though Doeden has frequently referred to his experience in the business world as his primary qualifier for the office of governor, little was known about the full extent of his ventures and wealth.
"Here's how to measure Toby's success. When he buys up enough of Aberdeen that we get to name the town 'Aber-Doeden,' that's when we know he's successful."
– Brown County GOP chair Richard Hilgemann
In addition to a vast portfolio acquired through multiple real estate investment and development companies, Doeden also owns the Aberdeen Chrysler dealership in Aberdeen and Redfield Ford in Redfield. He also has ties to land next to the Aberdeen dealership that company Plaza Rentals and his son had rezoned in 2020 to allow for bitcoin mining. And that's only a few of the two dozen LLCs with links to Doeden.
Searches of the Better Business Bureau, court records and the state of South Dakota's consumer protection portal paint a generally positive picture of the empire: Doeden's companies are in good standing and have not had any major outstanding legal or civil issues. All but one of his limited liability companies remain active on the South Dakota Secretary of State's website, Scotty's Diner, LLC, which closed in 2024.
Doeden declined a phone interview with News Watch to clarify his current status at the companies but provided a statement.
“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 the statement.
"We have created thousands of jobs, grown countless businesses, and invested 100% of that money back into our communities right here in South Dakota. I look forward to bringing that much needed business experience directly to Pierre as Governor."
Doeden Investment Group is the mechanism behind much of Doeden's real estate and business portfolio. It describes itself as "a leading investment firm dedicated to identifying and nurturing business opportunities that drive growth and prosperity within communities" and says it has " a diverse portfolio spanning various industries."
Dozens of properties make up real estate portfolio in northeastern SD
Companies Plaza Rentals LLP, Tenth Street Properties LLC and Five-Star Management LLC, all with links to Doeden through years of annual reports filed with the South Dakota Secretary of State's office, own more than $30 million of property in and around Aberdeen.
That includes single-family homes, commercial buildings and multi-family buildings, according to data from the Brown County Equalization Department.
Doeden told the Aberdeen Insider on June 17, though, that categorizing him as a major property owner in Aberdeen is incorrect because he is no longer deeply involved with the companies' business dealings. Several other individuals are involved in the day-to-day management of those real estate companies, including sons Jonathan and Jackson and daughter Josie.
“But I hear, ‘Toby owns all the property… .’ Well, Toby doesn’t hardly own any property in Aberdeen, and I haven’t for a long time. That property was put into a trust many years ago. I don’t control it. I don’t manage the companies. They’re trying to connect me to things that (I’m not even) involved with anymore, that I don’t even own anymore. And it’s unfortunate,” Doeden told the Insider.
But that doesn't jibe with his current Statement of Financial Interest submitted to the South Dakota Secretary of State's Office in April, which lists him as an owner, employee and shareholder, partner or shareholder of 24 companies and funding sources.
Doeden is the registered agent for Tenth Street Properties and was the registered agent for Plaza Rentals until Tuesday, June 16, when the company's annual report removed him and listed Mariah Bloom-McNeece, who serves as general counsel for Doeden Investment Group, as the new registered agent. He is still listed as a partner in the company along with the "Trustees of 4J 2023 Trust." The trust was added to annual reports for Plaza Rentals starting in 2024.
Designating a registered agent is required for the formation of an LLC. The registered agent is the individual who is authorized to receive legal, tax and other government correspondence on behalf of the LLC and is usually a member of the LLC – though not necessarily the owner – or an individual through a professional registered agent service.
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Doeden was also identified explicitly as a partner in Plaza Rentals both on his candidate statement of financial interest and in 2023, when the city of Aberdeen implemented a Tax Increment Financing (TIF) district for several apartment buildings that the company purchased and redeveloped on North 2nd Street in Aberdeen, now called 4J Commons, after Doeden's four children.
The TIF's purpose is to "redevelop and repurpose a dilapidated apartment complex" and is estimated to mature in 2043.
Doeden also runs a charitable organization called the 4J Foundation.
At least 75 properties in Aberdeen and Groton are linked to Plaza Rentals, Tenth Street Properties and Five-Star Management, with a current taxable portfolio value of at least $34,246,283 and a property tax commitment this year of at least $558,129, according to public records from the Brown County director of equalization's office.
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. Mulligan's Sports Bar and Casino is also located in the complex owned by Tenth Street Properties.
Bitcoin mining
Real estate is not Doeden's only business venture.
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 the Aberdeen American 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 today. But since no extended licensing is required to continue operation of the facility, he could not confirm whether it is still taking place.
Bitcoin mining units are large, complex computers that generate units of cryptocurrency through computing efforts. A large-scale center like the one in Aberdeen can become a mostly passive income stream after the initial investment of the mining units, which can cost up to several thousand dollars per machine, depending on the model.
Because of the largely-opaque nature of cryptocurrency and how it is produced and sold, it is unclear what the Plaza Rentals facility's bitcoin output is per year, and therefore how much it earns from the operation.
Doeden did, however, disclose "digital assets" as a source of funding on his April candidate statement of financial interest. Examples of digital assets, according to the IRS, include convertible virtual currencies and cryptocurrencies like bitcoin, stablecoins and non-fungible tokens (NFTs).
Business experience key to campaign
Doeden has spoken about his experience in business frequently and touts it as his biggest qualification for governor, often calling himself the "outsider" and the "businessman" in the governor's race.
Doeden came out on top in the June 2 Republican primary election with 31%, followed by Gov. Larry Rhoden with 25%. U.S. Rep. Dusty Johnson was third with 23% and state House Speaker Jon Hanson fourth with 21%.
Because no one received 35% of the vote, Doeden and Rhoden are headed to a July 28 runoff election for the Republican nomination for governor. The winner will meet Democrat Dan Ahlers in the Nov. 3 general election.
Doeden backed up his promise to largely self-fund his campaign by loaning it another $2 million this year, in addition to the $2 million he put up in 2025, according to his campaign finance disclosure reports.
Of that latest $2 million, roughly $1.4 million has gone to advertisements, while he has also spent $210,000 on salaries for campaign staff.
Molly Wetsch
Doeden's campaign website says that he is "one of South Dakota’s most successful self-made business owners." His campaign ads, too, tout years of business experience and his creation of "thousands of jobs" in South Dakota.
"No one is able to outwork me," he said in one ad.
In 2023, Doeden told the Aberdeen Insider that the growth of other enterprises he is linked to and his success in the business world can be entirely credited to his work at Aberdeen Chrysler.
“Aberdeen Chrysler is a very successful business,” Doeden said. “That afforded me the ability to start these other companies. Without Aberdeen Chrysler, none of these things would have happened.”
One comment made at an event before Doeden announced his gubernatorial run illustrates just how much the Doeden name means in Aberdeen.
"Here's how to measure Toby's success," Brown County GOP chair Richard Hilgemann joked at the 2025 Brown County Lincoln Day Dinner. "When he buys up enough of Aberdeen that we get to name the town 'Aber-Doeden,' that's when we know he's successful."
Post-pandemic lucrative era for Doeden
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 Doeden took ownership of the Aberdeen Chrysler Center after serving as general manager for nine years and gradually purchasing stock.
Roger Gray was the prior owner of Aberdeen Chrysler and also was the registered agent for Plaza Rentals when it was founded in 2007.
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.
“You can either suffer or find a way to come out the other end,” Doeden said of the pandemic to the Aberdeen Insider in 2023. “We got together, had a plan and had a fantastic three years.”
Stu Whitney
Doeden's business activity during the pandemic, though, has also come under scrutiny on the campaign trail.
During a gubernatorial debate in April, The Dakota Scout's Jonathan Ellis asked Doeden why he thought it was appropriate to "personally benefit from federal PPP (Paycheck Protection Program) funds and leverage those programs to grow your businesses" when the candidate has come out against government-led economic development programs.
Doeden railed against Ellis' questioning.
"I don't appreciate you saying that I used it to further my business interests. That is a flat-out lie, and as a moderator, you should apologize to the people here tonight because it's a flat-out, utter lie," Doeden said during the debate.
Aberdeen Chrysler is a member of the Rydell Automotive Group. PPP data shows that Aberdeen Auto Center, also known as Aberdeen Chrysler, received $1.1 million in loans in 2020. Doeden said during the debate that 150 jobs were saved at his company from the program.
PPP loans were sent directly to businesses and were largely intended to cover employee salaries during the COVID-19 pandemic.
"Where would our state economy be today if we hadn't fought to keep our companies open? I'm proud of that one loan," Doeden said.
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Other loans in Plaza Rentals' holdings include 77 mortgages on properties in and around Aberdeen since 2020, according to information from the Brown County Register of Deeds' office.
But long-term debt certainly is not part of the Plaza Rentals business plan.
Many of those mortgages were taken out on five-year terms – a relatively short lifespan. At least 20 of them have been fully satisfied, with several others partially paid. Notably, records show a $4 million mortgage for the 4J Commons complex was fully satisfied in just one year, between 2023 and 2024.
Doeden has in the past credited strong, trusting relationships with lenders as a reason for his ability to acquire large amounts of property in a short period of time.
What we don't know
Though public records can illustrate a broad picture of how Doeden came to his financial success and status as a top vote-getter in the gubernatorial campaign, there are still some portions of the story that are unclear.
The trust industry is largely a hidden one, especially in South Dakota. The state's privacy statute prevents any trust information from being revealed to the public in court proceedings, and trusts by nature are opaque.
We do not know whether the trust Doeden refers to is revocable (a living trust), which can be altered, or irrevocable, an established trust that cannot be altered and essentially cedes ownership of property.
Information also unavailable to the public includes beneficiaries of the trust – though the trust is ostensibly named after Doeden's children – and how many properties are actually in trust.
It is also unclear how much real financial stake and income Doeden maintains in and from the companies he is linked to.
Correction on June 19: A prior version of this story referenced PPP loans to Rydell Automotive Group. Doeden's company, Aberdeen Chrysler, received a PPP loan under the name of Aberdeen Auto Center, not Rydell Automotive Group.
How we reported this story
Details for this story were largely sourced from public records at the South Dakota Secretary of State’s Office, the Brown County Director of Equalization, Aberdeen’s Board of Zoning Adjustment and the Brown County Register of Deeds.
Property values and property tax payments were determined through the most recent tax-assessed data from the Brown County Director of Equalization's BEACON system. Addresses associated with companies Plaza Rentals, Tenth Street Properties and 5-Star Management – through deeds and tax payer status – were included in the calculation.
Reporter Molly Wetsch visited the Brown County Register of Deeds on June 15 and spent hours viewing public documents. The office does not allow computers or phones when accessing public computers, so notes on mortgage and other deed information were taken by hand.
Wetsch also utilized prior reporting about Doeden and his companies from news outlets across the state.
Molly Wetsch is a Report for America corps member who writes about rural and Native American issues for South Dakota News Watch. Your donation to match our RFA grant helps keep her writing stories like this. Contact Molly: 605-531-7382/molly.wetsch@sdnewswatch.org.
