A federal bankruptcy judge on Wednesday approved the sale of a defunct private university campus to the owner of a West Virginia construction company for $5 million.
Craig G. Phillips, owner of CGP Construction in Elkins, won the land, buildings and other assets of the former Alderson-Broaddus College in Phillips after placing bids on last Friday’s deadline, news outlets say. reported. The sale is expected to be completed within 30 days.
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DACK, a real estate company near Buckhannon, placed an opening bid of $4.9 million last month. DACK did not dispute CGP’s proposal at Wednesday’s hearing. Phillips declined to say what plans he has for the campus.
Craig G. Phillips, owner of CGP Construction in Elkins, purchased the land, buildings and other property at the former Alderson Broaddus College for $5 million after it filed for bankruptcy and closed.
Founded in 1932, Alderson Broaddus had been in financial trouble for several years.
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The small Baptist university filed for Chapter 7 bankruptcy in August, a month after announcing plans to cease operations. Alderson Broaddus shut down its website, encouraged employees to apply for unemployment insurance benefits, and announced that it had voluntarily declined accreditation from the Commission on Higher Education.
The commission that oversees the state’s four-year colleges revoked the school’s degree-granting authority on Dec. 31. After that, 625 students from the university raced to get into other universities.
