Posted 1/10/2011 12:00 am
Updated 2 years ago
A portion of the sale's proceeds will be used to buy a Little Rock home for use by incoming ASU System President Charles Welch, who will start this spring, said ASU System Interim President Robert Potts. Potts said the Little Rock home hadn't been selected, but it wouldn't cost $1.8 million. The ASU board hasn't determined what to do with the remaining money, he said.
The board decided to sell the five-bedroom, three-bathroom property on about 2½ acres because it was rarely used in recent years, Potts said.
The home's value was appraised at $1.75 million, which was the minimum bid for the auction. Larry Black & Associates Inc. of Mountain Home handled the auction and donated its services, which were valued at $160,000, Potts said.
Chris Brengard of Paragould won the auction on Dec. 20, and closing is scheduled for this month, Potts said. Brengard is the founder and CEO of U.S. Renal Care.
The home and land had been donated to ASU more than 20 years ago by Herbert McAdams II, a tax lawyer from Jonesboro who invested in banks.