Appraisal: St. Louis history museum vastly overpaid for land

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Associated Press

Posted on February 12, 2013 at 11:17 PM

Updated Tuesday, Feb 12 at 11:20 PM

ST. LOUIS -- A report Tuesday said the History Museum paid four times more than the appraised value of a one acre plot of land.

Former Mayor Freeman Bosley Jr. sold land in 2006 for $875,000.

A recent appraisal said the land is actually valued at only $214,000.

The land is located on Delmar just north of Forest Park.

Bosley disputes the claim that he gave the museum a bad deal.

“I'm a person. I'm a businessman,” said Bosley, “I'm entitled to be able to get involved in activities and events in this community. Just like anybody else. I would never screw the city. That would never be my intent.”

The History Museum said protections are now in place requiring a third-party appraisal before any property is purchased.

The museum said the money used to purchase the land in 2006 came from donors and not directly from tax payers.

 

 

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