97-10-06 Firestone Estate Sale Closed

FIRESTONE ESTATE SALE CLOSED

     COLUMBUS -- Ownership of the former Firestone estate in
Summit County has been transferred from The Ohio State University
to Bath Township resident John Chlebina.

     University officials and Chlebina signed the closing
contract on the 1,503-acre estate on Monday (10/6).  University
trustees authorized the sale at their June 1997 meeting.

     As previously announced, the sale price was $12 million
cash.  The university expects to net about $2.5 million from the
sale, which, in accordance with the wishes of the late Raymond
Firestone, will be invested in the university’s endowment and
provide a lasting source of support for university programs.

     The difference between the selling price and the net gain
reflects the $5 million purchase price, as well as the cost of
maintaining it since January 1995 and various acquisition and
closing costs.

                            #

Contact: Robert Haverkamp, assistant vice president for business
and administration, (614) 292-7970.


[Submitted by: Von Vargas  (vargas.12@osu.edu)
               
Tue, 7 Oct 1997 08:02:50 -0400 (EDT)]
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