Jacksonville, Tx — On Friday, the Jacksonville Independent School District Board of Trustees approved the purchase of the Gymnasium, Administration Building, and approximately 50 acres of land and assets from the Lon Morris Bankruptcy Estate for $1,530,000, subject to the Bankruptcy Court approval.
The bankruptcy court is expected to consider the sale on Monday, February 11th, and the closing should take place within the next 30 days.
The assets being acquired had an insured value of almost $6.7 million and the land has a value of over $100,000 for a total value of approximately $6.8 million.
As we stated, the purchase price was $1,530,000. This would be equivalent to purchasing a $100,000 home for just over $20,000.
Dr. Joe Wardell, JISD superintendent said, “We feel that this was an exceptional opportunity for the District to acquire land and buildings at a great value to better serve our students and our community.”