New Owners of Closed College in NH Thought They Were Buying an Operating School
“They don’t really communicate with the city. We try to reach them, we get nothing”
Oops. How is it possible that this didn’t come up during the sales process?
The Union Leader reports:
New owner of former Daniel Webster College site thought he was purchasing operating college, says mayor
As the saga of the former Daniel Webster College property continues, Mayor Jim Donchess says the owners of the land thought they were actually purchasing an operating college.
“My understanding is they thought they were buying an operating college, but they are not because it is not open and they, as owners, have not been accredited, which is an involved process,” Donchess said during a recent town hall meeting in Ward 2. “All they bought was real estate, not an operating college. It is said that they did not quite understand that.”
Daniel Webster College officially closed in May 2017, and it has been nearly two years since the former college parcel was acquired, yet the property still remains quiet and vacant.
In the fall of 2017, an undisclosed Chinese university was the top bidder at a bankruptcy auction for the majority of the 53-acre property in Nashua. Sui Liu, who is associated with the university, paid $11.6 million for the site.
“They don’t really communicate with the city. We try to reach them, we get nothing,” said the mayor.
Liu and his Virginia-based attorney have not returned repeated phone calls for comment.
“The main part of the campus is owned by this institution that just doesn’t respond,” said Donchess.”I don’t know what they are going to do … they won’t talk to the city at all.”
According to him, the $600,000 in annual property taxes for the site have been paid.
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Comments
Perhaps it’s a good thing that these “investors” aren’t buying a functioning college. My advice? Try Ohio; Oberlin may be selling at a discount.
Does not compute.
The mayor says the new owners thought they were buying an operating college, but then later says they won’t talk to the city. So how does he know what they thought about the property?
I have a very large Roman theatre in Rome, Italy to sell, it’s called The Colosseum.
Please feel free to make an offer.
Sounds like a good deal to me, they can start with no liberal professors and the students will come if they offer the right curriculum.There are way too many liberal colleges.
Due diligence? A fool and his money are soon parted.
Life can be a hard teacher as anyone who has discovered that “you don’t know what you don’t know” will tell you.