The trustees of the Masonic Hall & Asylum Fund have acquired the 15.6-acre College of New Rochelle campus at an auction for $32 million — $11 million more than the opening bid.
“The sale of this storied college campus at auction is the final chapter in its long history of providing profitable educational opportunities to over 87,000 men and women for 115 years,” said Mark Podgainy, managing director of New York City business management consultancy Getzler Henrich and the interim chief restructuring officer of the college, in a statement.
“We have full confidence that Trustees of The Masonic Hall & Asylum Fund will utilize and develop the campus in a manner that both preserves the legacy of this institution and offers value to the local community,” he added.
The U.S. Bankruptcy Court has approved the sale to the Masons. The college filed for bankruptcy on Sept. 20 due to $80 million in liabilities, following several years of financial uncertainty.
Earlier this year, Keith Borge, the school”™s former controller, pleaded guilty to securities fraud and failure to pay more than $20 million in federal payroll taxes. Federal prosecutors have maintained that the college”™s closure could have been avoided had Borge acted appropriately.
The college itself was not charged due to its cooperation with the investigation.
There are 20 buildings on the school”™s campus, which consists of over 425,000 square feet. Opened in 1904, its features include a 19th-century castle, a modern recreational and educational complex, computer and photography labs, a television production studio and a 200,000-volume library.
