UM finds a buyer for its Island Lodge, and David Lipson (Paws Up Resort) purchases it for less than half of what it reported in June as the property’s worth.

Publicly available financial statements, however, offer the clearest picture yet of the gap between the property’s estimated worth and the sale price, which critics say raises questions about the foundation’s handling of the sale.

The University of Montana Foundation sold its island mansion on Salmon Lake to the owners of Paws Up last month for less than half of what it reported in June as the property’s worth, financial statements show.

The David Lipson family purchased the 18,000-square-foot lodge and private island for $1.6 million, the Missoulian reported. The sale price was far lower than the foundation’s earlier asking prices (most recently $2.5 million), but foundation officials have been cagey about the property’s valuation, declining to disclose its appraisal history.

Derek Brouwer

http://missoulanews.com/news/um-finds-a-buyer-for-its-island-lodge-and-david/article_a38e3b2a-f0d4-11e7-9d9c-d7adf0d51323.html