Foundation Will Not Place Conservation Easements On Kluge Properties
16, 2001-- The University of Virginias Real
Estate Foundation, which last month received title to more than
7,000 acres in Albemarle County from John W. Kluge, has decided
that the eventual sale of some of the property will be without conservation
or open space easements.
large part, this is to avoid diminishing their sales value,"
said John P. Ackerly III, rector of U.Va.s Board of Visitors
and chair of the University of Virginia Foundation board. "Our
objectives in selling some of the land over time are to build an
adequate endowment to support educational programs on the core property,
to develop buildings and infrastructure to support those programs,
and to fund maintenance of the core property in perpetuity. To achieve
these goals within the timeframe necessary, we will seek to receive
the highest value for the properties designated for sale.
the coming year, our primary goal is to protect and enhance the
property values, as well as their rural character, by maintaining
leases on all houses and farms and attending to landscaping and
maintenance needs," he said.
also noted that any tax advantage to be gained by the placing of
easements would apply only to the purchasers, not to the foundation.
the University nor the foundation objects to future purchasers
placing conservation or open space easements on the properties,"
said the foundation will spend the next several months assessing
the potential of each property and developing a comprehensive marketing
plan for selected properties, based on each ones unique characteristics.
that plan is developed, we are not encouraging offers and do not
intend to negotiate the sale of any of the properties," Ackerly
said. "We also will not enter into agreements for the listing
or marketing of any of them with third parties at this time.
Louise Dudley, (434) 924-1400