A substantial portion of the 7,379 acre estate donated to the University of Virginia Foundation by philanthropist John W. Kluge is now on the market.
The foundation is asking $3.35 million for Lone Oak, a 1,392 acre farm near Scottsville. The farm includes several small houses, three barns and a silo.
In May 2001, Kluge donated his estate, named Morven Farm, on the stipulation that at least 749 acres be used for academic or charitable purposes. The remainder of the land, including Lone Oak, can be sold in order to establish an endowment to fund the new organization.
Kluge, who purchased Morven Farm in 1988, is president and chairman of Metromedia Company, a privately-owned global communications company.
The total estate is valued at $45 million. Kluge's donation ranks second in value in University history behind Frank Batten Sr.'s $60 million donation to the Darden school in 1999.
The foundation has hired real estate agents Frank Quayle and Steve McLean to sell the property.
The farm likely will be sold to an individual interested in a high quality home, as opposed to a developer, Quayle said.
"Most county properties don't sell to developers," he said, though "the possibility always exists."
Quayle said there already have been two offers made for the estate.
The core property of Kluge's donation, the land that cannot be sold but must be used for academic purposes, is located South of Monticello along Route 795.
At the time of the donation, preliminary plans for the core property included resources for performing arts, environmental studies and international activities.
As of yet, however, there are no specific plans for how the core property will be used, University spokeswoman Louise Dudley said.
"There will be a planning process this spring," Dudley said. "The foundation needs to sell [Lone Oak] to begin an endowment" for that organization.
University President John T. Casteen III was enthusiastic about the possibilities the land offered.
"Morven Farms offers abundant opportunities for realizing the goals set in the Virginia 2020 long-range planning process," Casteen said at the time of the donation.
According to the terms of the donation, Kluge also retains use of 1,232 acres of the property. This land will be transferred to the foundation within two years of his death.
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