Wednesday, January 7, 2015

UPDATE: Jerry Jones buys $7 million in land in Fayetteville, transfers it to Razorback Foundation

Posted By on Wed, Jan 7, 2015 at 11:39 AM

Failed development acreage adjoining a regional park in Fayetteville has been purchased by Dallas Cowboys owner Jerry Jones.

He paid $7.3 million for the 254 acres to his brother-in-law John Ed Chambers' bank. It had foreclosed on the property after an earlier plan for a mixed use development never materialized.

UPDATE:

NORTHWEST ARKANSAS BUSINESS has the rest of this story.

After buying the property, Jones donated it to the Razorback Foundation. Contributions to the foundation are tax-deductible, which makes taxpayers big contributors (through a refund of some of Jones' investment in tax deductions) to the Razorback Foundation. No comment from the Foundation on its plans. Taking this problem property off the Chambers bank's books was of some value to them, of course.


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