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Lone Oak Farm, Part Of The Kluge Gift To The University, Sold For $3.35 Million

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. Kluge’s 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."

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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. Kluge’s 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 University’s 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

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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Last Modified: Wednesday, 03-Apr-2002 16:58:55 EST
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