- Your Town
Going once, going twice...
Mary Innes sold for $115k to late bidder
A last-minute bid looks to have earned an East Coast company the Mary Innes School and the acre of land its sits on in downtown Dillon.
The Dillon School District 10 Board on Tuesday evening agreed to sell the Mary Innes property for $115,000 to Arletta LLC, a Charlottesville, Va.-based limited liability company with undisclosed local business interests.
“It is written in the name of a corporation that is based out of Virginia, but it is, quote-unquote, local,” the SD10 board was told by Chip Rule, the local real estate professional who submitted the bid on behalf of Arletta at last night’s SD10 board meeting.
Rule announced the Arletta bid just as the trustees were wrapping up their discussion on the $100,000 bid for the Mary Innes that SD10 received late last month from Rule on behalf of an anonymous would-be buyer.
“If somebody else thinks they can do better and we can make more money for the school, then I’m for that — but I doubt we’re going to get any more offers,” commented SD10 Board Vice Chair Kathy Hilton.
“As of about 4:30 this afternoon, you have another offer,” announced Rule, who shortly thereafter distributed copies of the Arletta Agreement of Sale to the trustees and administrators.
Under the terms of the agreement, Arletta will pay SD10 a total of $115,000 for the Mary Innes School building and the approximately one acre of land it sits on. The agreement gives Arletta 75 days to complete inspections of the property and until July 31 for the deal to close.
Inspections scuttled a December 2012 deal for the Mary Innes property between SD10 and the Old Town Improvement Group, a pension fund started by Dr. John Paul Micha to serve the dozens of employees of his California gynecologic oncology practice, the largest on the West Coast.
That $300,000 deal collapsed in June 2013 near the end of its six-month “out” period when Micha’s group announced it had encountered higher than anticipated estimates for renovating the building, which was completed in the 1920s.
Rule said that after receiving the Arletta bid late Tuesday afternoon, he notified the first bidder, who then declined the opportunity to top the $115,000 Arletta bid. A Charlottesville, Va.-based company, Arletta does not want to disclose its local business interests until after the close of the deal for the Mary Innes, according to Rule, who said Arletta hopes to keep in place the property’s existing tenants, which include Stepping Stones Preschool and Drop-In Daycare.