Oak Farm, Part Of The Kluge Gift To The University, Sold For $3.35
April 3, 2002-- A
private partnership has purchased Lone Oak, one of the Albemarle
County farms given to University of Virginia by John W. Kluge.
The $3.35 million sale includes four
houses and three barns on the 1,392-acre working farm located just
west of Scottsville and north of the James River. The new owners
plan to continue to farm the property and intend to implement conservation
easements. This purchase follows by four weeks the $5.3 million
sale of five Kluge farms to rock musician Dave Matthews. Matthews
also intends to preserve the agriculture and forestland on his farms.
"These sales will help establish
the endowment we need to take care of the core property of Mr. Kluges
estate Morven Farm," said University Rector John P.
Ackerly III, who serves as chairman of the U.Va. Foundation Board,
which has oversight of the Kluge gift. Ackerly, instrumental in
guiding negotiations of the farm sales, said he was pleased at how
quickly the six farms have sold, as well as the decision by both
owners to implement open space easements. "This also is a real
win for the surrounding community."
ABOUT THE KLUGE GIFT.
Billionaire businessman and philanthropist
John W. Kluge gave the University of Virginia Foundation his 7,378-acre
Albemarle County estate in May 2001. The gift, valued at more than
$45 million, included historic Morven Farm, 10 working farms and
more than two dozen houses and modernized farm buildings. Kluges
desire is for the University to develop the core of his property
the 749-acre historic Morven Farm for educational
purposes, and to sell remaining properties to build an endowment
to support the property. Earlier this month, the University launched
a long-term planning initiative to determine how best to use Morven
Farm to further the Universitys academic mission. Over the
next several years, the University will seek the guidance of faculty,
students, administrators and staff members to design a comprehensive
plan for Morven Farm.
Contact: Carol Wood, (434) 924-6189