St. Paul’s College in Lawrenceville is for sale. (Photos courtesy of Motley’s)
An April 9 deadline has been set on the sale of a dormant Central Virginia college.
Locally-based Motley’s Auction and Realty Group will accept bids until 3 p.m. on that date for the sale of St. Paul’s College in Lawrenceville.
The 125-year-old historically black college, which sits about an hour south of Richmond, closed last summer amid financial struggles.
Motley’s picked up the listing to sell the entire campus; buildings and all.
Four different packages are available for potential buyers, said Patrice Carroll of Motley’s. One includes the college itself and 35 associated buildings on a 130-acre parcel. The second includes the student center on 5.5 acres. The third is a 434-acre tract of land. The fourth option is to purchase everything together.
No listing price is available, but Carroll said a recent assessment for tax purposes valued the offering at a total of more than $12 million.
“We looked at what the property was and who the buyer may or may not be,” Carroll said. “Someone might want the college but might not have an interest in the land … We tried to set it up in a way that would draw the most interest and participation.”
Carroll said bidders can submit sealed offers to the Shaheen Law Firm in Richmond.
If the deadline passes without an acceptable bid, Motley’s and St. Paul’s will go back to the drawing board, Carroll said.
Motley’s began marketing the college a few months back and Carroll said they’ve had some interest but would not say whether they’ve received any offers.
Carroll said they would like for someone to buy the whole lot and keep St. Paul’s going as it has for decades.
“But, at the same time,” she said, “we still need to sell it.”
Also up for grabs are two old commercial warehouses St. Paul’s owns at 1146 and 1147 Brickyard St. in Lawrenceville.
St. Paul’s College in Lawrenceville is for sale. (Photos courtesy of Motley’s)
An April 9 deadline has been set on the sale of a dormant Central Virginia college.
Locally-based Motley’s Auction and Realty Group will accept bids until 3 p.m. on that date for the sale of St. Paul’s College in Lawrenceville.
The 125-year-old historically black college, which sits about an hour south of Richmond, closed last summer amid financial struggles.
Motley’s picked up the listing to sell the entire campus; buildings and all.
Four different packages are available for potential buyers, said Patrice Carroll of Motley’s. One includes the college itself and 35 associated buildings on a 130-acre parcel. The second includes the student center on 5.5 acres. The third is a 434-acre tract of land. The fourth option is to purchase everything together.
No listing price is available, but Carroll said a recent assessment for tax purposes valued the offering at a total of more than $12 million.
“We looked at what the property was and who the buyer may or may not be,” Carroll said. “Someone might want the college but might not have an interest in the land … We tried to set it up in a way that would draw the most interest and participation.”
Carroll said bidders can submit sealed offers to the Shaheen Law Firm in Richmond.
If the deadline passes without an acceptable bid, Motley’s and St. Paul’s will go back to the drawing board, Carroll said.
Motley’s began marketing the college a few months back and Carroll said they’ve had some interest but would not say whether they’ve received any offers.
Carroll said they would like for someone to buy the whole lot and keep St. Paul’s going as it has for decades.
“But, at the same time,” she said, “we still need to sell it.”
Also up for grabs are two old commercial warehouses St. Paul’s owns at 1146 and 1147 Brickyard St. in Lawrenceville.