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Liberty University Buys Back Land
The school originally sold the 26-acre tract on East Campus, so it could be developed with 19 new dorms.
LU is paying $20.5 million. If it had continued to lease the property for the next 35 years, which was part of the agreement, it would have cost nearly $90 million.
Jerry Falwell, Jr., Liberty University Chancellor, said, "It made no sense to do anything but purchase the dorms at this stage. It was the first option we had. We had another option five years from now if we didn't close this week but that would have been very expensive to wait."
The property now becomes tax exempt because it's owned by LU. That will save around $280,000 a year.
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