University of Minnesotas presidents residence will be sold

The University of Minnesota's Board of Regents approved the $2. 2 million sale of the Eastcliff mansion to the University of Minnesota Foundation, ending its long history as the residence for university presidents. Regent Ruth Johnson advocated for the sale, emphasizing it as a sound financial decision that would prevent tuition increases. Conversely, Regent James Farnsworth voted against the sale, arguing that the decision felt rushed and undermined the board's oversight responsibilities. The foundation will lease the mansion back to the university for 40 years, assuming responsibility for renovations and maintenance, estimated to cost at least $6 million.

Critics, including Regent Robyn Gulley and law professor Richard Painter, highlighted concerns regarding transparency and the potential negative impact on university finances. The regents previously decided to keep Eastcliff in 2024 after a task force recommended maintaining ownership. This decision reflects shifting priorities during the pandemic, when event hosting and upkeep costs rose significantly. The university plans to retain an option to buy back the mansion after 40 years, ensuring it can regain control of the property.