Souderton Area School District will sell its old high school property for $6.91 million to Lansdale developer Turnersville Estates, according to Jennifer Lawson of The Reporter.
An agreement was made for the 44-acre property at 41 N. School Lane on Thursday after months of private negotiations, Lawson reported.
As the property is in Hilltown Township, Bucks County and Souderton Borough, Montgomery County, the portions will be sold as such: $3.71 million for the Souderton portion, closing March 2014, and $3.2 million for the Hilltown portion, closing May 2015, according to the report.
In 10 days, Turnersville Estates will deposit a $185,500 escrow for the Souderton parcel, according to Lawson. It will deposit $150,000 for the Hilltown parcel, according to the article.
Souderton Area School District had a previous agreement with Metro Development Co. for $11 million, but the company pulled out of the deal in December 2010, according to Lawson.
The final sale price is almost a quarter-million more than its appraised value.