ATHENS, Ga. — A multi-thousand-acre piece of land owned by the University of Georgia was sold, earning the school close to $20 million from the purchase.
UGA officials said $18.5 million will be used to “benefit the UGA Warnell School of Forestry and Natural Resources,” the part of the university which had owned the land before the sale was finalized.
As far as the buyer, their identity is a mystery.
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The Warnell School had owned the land since 1989 when it was donated by businessman Charles Wheatley.
The 2,500-acre property is on land near Lake Blackshear in South Georgia.
When the university received the gift from Wheatley in 1989, they said the only stipulation for the gift was to use it “as it deems best.”
Since then, the Warnell School has managed the land for timber and hunting, according to officials. However, in 2022, things started to change and a possible sale was put into consideration.
In the decades since Wheatley’s donation, UGA said it has worked to manage the land sustainably, including with more than $1.3 million to pay for reforestation and control of invasive species.
All told, the school has also earned $8.2 million from timber sales and other investment earnings connected to the land.
Warnell’s Dean, Dale Green, said it was the right time to sell.
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“After years of stewardship, we felt the market was in a good place,” Greene said in a statement. “We are very pleased with the outcome, and the funds from the sale will be transformative for our school as we prepare the next generation of foresters and natural resources professionals.”
Using the $18.5 million, UGA plans to create three different funds.
One fund will be used for building and modernization updates for campus facilities in Athens, while the other two will be used as endowments for the university.
One endowment will provide for post-doctoral research funding and equipment, while the second will be used to hire additional instructors and teaching assistants, in addition to technology upgrades to enhance student learning.
Greene said the interest earned by the endowment funds would fund research activities every year without taking away from the original amount put in. All three funds will also be set up to take in additional donations and contributions, according to officials.
“It means our faculty can find dedicated support for lab improvements or technology advances, for example,” Greene said. “This kind of funding gives our faculty added flexibility when pursuing research funding and special projects, or in recruiting top talent for graduate students.”
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