San Diego Unified School District has accepted a winning bid of $18.5 million for a prime piece of land in Mission Beach as part of the district’s effort to raise $50 million to help plug a projected $84 million deficit.
The bid is $2 million more than the previous high bid the district accepted, then rejected, last year. That failed deal was lambasted by local real estate experts, who criticized the district for sinking its biggest land sale.
Local land brokers said the district should have taken the money and run, since the property had sold for far more than its appraised value.
So much for that.
District Superintendent of Business Phil Stover sent out an email earlier today announcing the news.