Appraisal: Museum Vastly Overpaid For Land
ST. LOUIS (AP) - An appraisal of land purchased by the Missouri History Museum in St. Louis suggests that the museum overpaid by about $615,000.
The St. Louis Post-Dispatch reports that the appraisal was released Tuesday.
The museum purchased the land from former Mayor Freeman Bosley Jr. in 2006, paying Bosley and a business partner $875,000.
The appraisal determined the land's value at about $260,000 at the time, and about $215,000 now.
The land was also contaminated, requiring up to $300,000 for environmental cleanup.
Robert Archibald resigned as museum president in December, though both he and Bosley denied that personal or political connections played a role in the deal.
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