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.
$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.
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.
all, Kluge gave nearly 7,400 acres to the foundation, of which about
750 acres of the Morven estate must be preserved for the Universitys
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.
proceeds of this initial sale will allow us to begin to build that
endowment," said Tim R. Rose, the foundations chief executive
officer. "No University funds will be used for the upkeep of
the gift properties."
Provost Gene D. Block recently announced a long-term planning process
to determine how best to use Morven Farm to further the Universitys
academic mission. The development of a comprehensive plan is expected
to take a number of years, he said.
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.
Faulconer and Roy Wheeler Realty represented the foundation in todays
sale. Stevens & Company was the agent for the buyers.
Jim Merlis, Matthews publicist, (212) 366-4492 or Tim Rose,
U.Va. Foundation, (434) 982-4848