Businessman John W. Kluge donated his 7,378-acre Albemarle County estate to the University of Virgini Foundation in May, more than doubling the landholding of the University and its related foundations.
The entire property, valued at more than $45 million, is the second largest single donation ever given to the University. The largest donation was in December 1999 when Frank Batten Sr. donated $60 million to the Darden School.
"John Kluge's magnificent gift, and its far reaching intent, matches the University's mission and philosophy about learning," President John T. Casteen III said.
Under the terms of the donation agreement, the University "agreed to keep 750 acres for academic purposes," Tim Rose said. Rose is chief executive officer of the University of Virginia Foundation, which manages much of the University's real estate holdings and provides financial management for other University foundations. The 750 acres are part of Moraven Farm, a Virginia Historic Landmark.
Ten working farms included in the donation eventually will be sold to create an endowment for maintaining and operating the remaining property, Rose said.
According to Casteen, the University will create a planning group of faculty, students and administrators to explore uses for the new property. But the project may be years in the making.
"Eventually, over a long period of time, the value will be in new ventures such as seasonal arts festivals, short courses, and organized student and faculty research activities," Casteen said.
Kluge is general partner, chairman, and president of Metromedia Company, one of the nation's largest privately held companies. He has owned Moraven Farm since 1988.
"I have gotten to know the University, to respect its commitment to excellence, and to see firsthand how it runs its business," Kluge said. "I am entrusting the University with this property because I know that John Casteen and the people who follow him will be good stewards of this gift."
Over the years, he has given more than $4.7 million to the University Health System, primarily to programs for disabled and mentally ill children. Kluge's most recent gift of $500,000 in May, was put toward expanding the Health System's Mindfulness-Based Stress Reduction Program.
(Cavalier Daily Associate Editor Amy Shapiro contributed to this article.)
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