MISSOULA, Mont. — The University of Montana Foundation has sold a western Montana lodge that was donated by philanthropist Dennis Washington in 1995.
The Missoulian reports officials on Tuesday confirmed that the Montana Island Lodge on Salmon Lake sold for $1.6 million.
A warranty deed shows the property’s title was transferred on Monday to MEBC LLC.
The 18,000-square-foot (1,670-square-meter) property was initially put on the market for $6.5 million in 2014.
The proceeds from the sale will be split among the university’s four campuses as required under the donor agreement.
The university operated the lodge as a retreat and conference center for several years before listing the property for sale.
Foundation officials say details on how the proceeds will be distributed are still being compiled.
Information from: Missoulian, http://www.missoulian.com