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U.Va. Foundation Sells Five Kluge Farms

February 25, 2002-- Dave Matthews has purchased five of the Albemarle County farms that John Kluge gave to the University of Virginia Foundation last May.

The $5.3 million sale, which was completed today, includes 1,261 contiguous acres south of Charlottesville. Working farms with extensive pastureland, the properties are known as Spring Hill, Church Hill, Maple Hill, Oakwood and Seven Pines. In addition to homes and cottages, they include cattle and storage barns, silos, equipment and grain sheds, and a feed complex.

Coran Capshaw, Matthews’ manager, said Matthews plans to preserve agriculture and forest land on the farms with an emphasis on organic farming. He stated Matthews intends to grant an open-space easement on the farms and the process in that regard has been started.

In all, Kluge gave nearly 7,400 acres to the foundation, of which about 750 acres of the Morven estate must be preserved for the University’s academic purposes. He retains the exclusive use of that core property, as well as about 500 acres of adjacent land, for his lifetime. Under the terms of the gift, the foundation could eventually sell all but the 750 acres to create an endowment to support the core property.

"The proceeds of this initial sale will allow us to begin to build that endowment," said Tim R. Rose, the foundation’s chief executive officer. "No University funds will be used for the upkeep of the gift properties."

University Provost Gene D. Block recently announced a long-term planning process to determine how best to use Morven Farm to further the University’s academic mission. The development of a comprehensive plan is expected to take a number of years, he said.

Rose said the foundation will selectively market the remaining land. A sixth working farm, the 1,392-acre Lone Oak property west of Scottsville, is currently on the market for $3.35 million.

McLean Faulconer and Roy Wheeler Realty represented the foundation in today’s sale. Stevens & Company was the agent for the buyers.

Contacts: Jim Merlis, Matthews’ publicist, (212) 366-4492 or Tim Rose, U.Va. Foundation, (434) 982-4848

FOR ADDITIONAL INFORMATION: Contact the Office of University Relations at (434) 924-7116. Television reporters should contact the TV News Office at (434) 924-7550.

SOURCE: U.Va. News Services

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