Misunderstanding in $11.6 Million Campus Purchase?

July 18, 2019

The purchasers of a shuttered college campus in Nashua, N.H., mistakenly thought they were buying an operating college, according to the city’s mayor, the Union Leader reported. The campus of the former Daniel Webster College was purchased by a Chinese entity for $11.6 million in 2017.

"My understanding is they thought they were buying an operating college, but they are not, because it is not open and they, as owners, have not been accredited, which is an involved process," Nashua mayor Jim Donchess said. "All they bought was real estate, not an operating college. It is said that they did not quite understand that."

The purchaser of the campus and his Virginia-based lawyer did not return the Union Leader’s requests for comment. The campus sits vacant, though the $600,000 annual property tax bill has been paid.

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