The Real Deal Miami

PB school campus to go for $5.4M

November 04, 2010 09:45AM

The Society of the Four Arts has received approval for the purchase of
the west campus of Palm Beach Public School from the Palm Beach County
School Board for $5.4 million, which is $300,000 more than the appraised
value of the property. The unanimous vote was a “win-win” for the
community, the school and the Four Arts, according to Barry Hoyt,
chairman of the Four Arts Building. The organization wants to purchase
the landmarked buildings and 69-acre property as a headquarters for its
Campus on the Lake education series. It has been leasing the property
since 2004 on a 25-year lease, but couldn’t raise the restoration costs
without owning it. [Palm
Beach Daily News]