vcboy2000 Posted July 2, 2010 Share Posted July 2, 2010 Oral Roberts University sells presidential compound By BILL SHERMAN World Religion Writer Published: 7/1/2010 5:16 PM Last Modified: 7/1/2010 5:41 PM Oral Roberts University on Wednesday sold the 9-acre presidential compound that holds the palatial homes where Oral Roberts and Richard Roberts once lived. Read more from this Tulsa World article at http://www.tulsaworld.com/news/article. ... oetn955139 Quote Link to comment Share on other sites More sharing options...
vcboy2000 Posted July 2, 2010 Author Share Posted July 2, 2010 I'm no expert on real estate, but 6 houses on 9 acres for $1.55 million sounds a little low. Then again, we probably could use that extra million and a half right away. Quote Link to comment Share on other sites More sharing options...
theeagleman5 Posted July 2, 2010 Share Posted July 2, 2010 That does sound like a very low amount....maybe the cash goes for a raise for Coach Sutton?... ....where are RR and LR living these days?...Is it true that they have a room at the old Tradewinds Motel?.... Quote Link to comment Share on other sites More sharing options...
ron Posted July 4, 2010 Share Posted July 4, 2010 1.55 million! I've heard that the real estate market has taken a dive in the US, but I didn`t think it was this bad! Quote Link to comment Share on other sites More sharing options...
vcboy2000 Posted July 5, 2010 Author Share Posted July 5, 2010 Another article on the Tulsa World's website says an independent broker slated the price. The price is set low because the property will more than likely have to be sold as a unit. The way it's zoned as well as sewer lines, etc would make splitting the area up a an even greater financial undertaking. Quote Link to comment Share on other sites More sharing options...
ORUalum Posted July 5, 2010 Share Posted July 5, 2010 i think more important than the sales price is the symbolic break from the past...sounds like dr. rutland has things going on the right track. Quote Link to comment Share on other sites More sharing options...
vcboy2000 Posted July 6, 2010 Author Share Posted July 6, 2010 I just keep thinking, why not keep the land? That seems to be a huge asset that would only grow in the University's portfolio. Quote Link to comment Share on other sites More sharing options...
ron Posted July 6, 2010 Share Posted July 6, 2010 Selling this property is a curious move. I don't understand it. The property alone is irreplaceable. At ORU, you can't break from the past in the sense of land or buildings. You would have to replace all the buildings on campus . . . tear down the City of Faith building! What's done is done, but it doesn't seem like the best move to me. Perhaps there is more to it on another level that would make it more understandable. Quote Link to comment Share on other sites More sharing options...
Former SID Posted July 6, 2010 Share Posted July 6, 2010 I thought all the same things, but I keep coming back to this: How much was the University spending on upkeep of an empty compound? That had to be a factor. Also, how much money would ORU have needed to invest in those properties to make them viable as a source of revenue? We may have been better off just getting rid of them, although I too was shocked at the sales price. Quote Link to comment Share on other sites More sharing options...
vcboy2000 Posted July 6, 2010 Author Share Posted July 6, 2010 I think you hit the nail on the head, Chris. If ORU was in a financial situation where all of our immediate needs were met and we had a nice endowment, then I could see them spending a lot of money to re-invent the property to make it useful to the University. Our current situation is stable, but we have no room for money pits that could potentially suck life out of a balanced budget. Quote Link to comment Share on other sites More sharing options...
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