MEMOIRS BY DR. SAMUEL H. SUTHERLAND PRESIDENT EMERITUS June 20, 1986 Page 15 - Tape 1
Also the industrial district of Los Angeles was moving in that direction, and it would be worth far more than $5,000 an acre if we wanted to subdivided it. Our real estate men got on the job and determined that $5,000 an acre was a very fair price and so part of the $350,000 for the lot was used for the purchase of that 27 acres at $5,000 an acre. We then started to look around for a site to move our campus. The men subdivided the 27 acres and they got their original money back, plus an additonal amount so that their net proceeds increased another $150,000 on the sale. This meant that the $350,000 we received from the lot, plus the $150,000 profit that we made on the 27 acres in south Los Angeles, brought in $500,000. Ultimately we obtained $500,000 from that lot. I have often said if I had only been wise enough, I would have consummated that deal myself and lived an easy retirement, but it was the Lord's will that it should go to the school. So with $500,000 clear, we moved onto our new campus in La Mirada.
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