Museum Vastly Overpaid for Land

4 years 10 months 3 days ago Tuesday, February 12 2013 Feb 12, 2013 Tuesday, February 12, 2013 1:25:32 PM CST February 12, 2013 in News
By: Associated Press

ST. LOUIS - An appraisal of land purchased by the Missouri History Museum in St. Louis suggests that the museum overpaid by about $615,000.

The St. Louis Post-Dispatch reports that the appraisal was released Tuesday.

The museum purchased the land from former Mayor Freeman Bosley Jr. in 2006, paying Bosley and a business partner $875,000. The appraisal determined the land's value at about $260,000 at the time, and about $215,000 now.

The land was also contaminated, requiring up to $300,000 for environmental cleanup.

Robert Archibald resigned as museum president in December, though both he and Bosley denied that personal or political connections played a role in the deal.

 

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