The sale of land owned by Mid-Continent University on Pecan Drive in Paducah has officially closed.
CDB Service and Finance LLC. on Paris Road in Mayfield purchased the property - 19.25 acres near Interstate 24 along Pecan Drive - for $630,000. The deed was completed this week, according to the McCracken County Clerk's Office.
The school bought the land at an auction conducted Kurtz Auction & Realty Company of Owensboro in June 2008 for $594,496. Mid-Continent had plans to build a central location for its adult students from the Paducah area.
The school agreed to sell the property and was working to finalize the contract beginning in mid-April, several days after all faculty, administrative and staff members were laid off due to an inability to make the next payroll.
Funds from the sale were used to recall some employees, specifically faculty members to help ensure seniors made it to Saturday's graduation ceremony, and to pay ongoing facility operating costs, according to Chief of Staff Bill Bartleman.
He said the school had received a large amount of interest from potential buyers and had several near sales fall through on the property.
The university also sold a large acreage of land on U.S. 45 with frontage on Powell and Vaughn roads, across from the primary campus in Mayfield, in March to raise operational funds.
The school's official closure date remains June 30. But administrators continue to make arrangements for the secure storage of student records and finalized Teach Out agreements with regional universities to facilitate the transfer process, Bartleman said.
The school's final commencement ceremony is set for 3 p.m. Saturday at Graves High School. A Board of Trustees meeting is set for 6 p.m. Tuesday on campus.
Repeated calls to Christopher Burnett at CDB Service and Finance LLC were not returned.
Contact Kathleen Fox, a Paducah Sun staff writer, at 270-575-8651 or follow @kathleendfox on Twitter.