Update on BSC: There is (or was) a contract in place for some months whereby Miles College would buy the BSC campus.
Miles was unable to close, and asked for an extension on the closing date. That extension was granted, but expired yesterday. Miles asked for a second extension, which BSC's Board of Trustees declined.
IOW, there is no longer a potential sale on the table, and BSC is back to square one on the sale.
All those are facts. My own speculation follows:
I'm guessing that Miles, a private school, can't access state funds and couldn't arrange private financing for the purchase.
Here's the stuff I'm deadly curious about: Who actually owns the property, and what are the liens on it. Both those of record (like any mortgages) and those not necessarily of record (like monies owed to various vendors, as well as mechanics & materialmen's liens). And any property taxes owed -- BSC was non-profit, so it didn't pay income tax. But I'm not sure whether it would owe property taxes.
I'm also deadly curious as to the lenders' internal accounting for the asset. As in, have they already written it off, and any monies they got from the sale would represent recoveries? Or do they have a book balance still at stake? Have the lenders funded maintenance of the property -- referred to in the industry as a "protective advance"? Or has the property been vacant and deteriorating since BSC closed in May?
As posted earlier, the market for a college campus is highly limited -- primarily other colleges. So I fear the real value of the 192-acre campus is as vacant land in a sketchy part of Birmingham, less the cost of demolition.