In the final email update of his presidency at Winthrop University, Dan Mahony mentioned the recent sale of the property located at 520 Cherry Rd., often referred to as the Coke Building. The Johnsonian previously reported that the sale had been approved by the Board of Trustees during a meeting held on Jan. 31.
During the meeting, the reading of the resolution regarding the sale was suspended. The Johnsonian sent a Freedom of Information Act request for a copy of the resolution and any associated documents. According to the resolution, the university sold the property “in its existing condition” for $1,450,000 to Lancaster Land, LLC.
The documents obtained under the FOIA show a purchaser’s statement which has a “Less Credits” section which lists $100,000 as “Earned Money Deposit held by Morton & Gettys, LLC” which results in a subtotal of $1,350,000. The “Plus Debits” section lists $1,900 as an “Attorney’s Fee,” a $40 “Wire Fee,” a “Fax/Copy” fee of $50 and a $400 “Title searchc/update reimbursement fee,” all on behalf of Morton & Gettys, LLC. Additionally, a $15 debit for “Recording of Deed” and a $5,365 “SC Deed Recording Fee” on behalf of the York County Register of Deeds. Further debits listed include $2,880 for “Title Insurance Premium” and $550 for “Endorsement Premium” for Chicago Title Insurance Company, $150 for “Title Binder Fee” on behalf of Moffatt Title Agency, Inc., $58,000 for a “Commission — 4 [percent]” on behalf of Warren Norman Company, LLC and $100,000 for “Return of EMD” on behalf of Lancaster Land, LLC. These debits are listed in total at $169,350 resulting in “Funds due from purchaser” at $1,519,350.
According to the quitclaim deed contained in the documents provided to The Johnsonian, “at its meeting on October 27, 2015, the State Fiscal Accountability Authority approved the disposition by the Grantor of 1.2779± acres and two buildings consisting of 14,882 square feet and 5,950 square feet at 520 Cherry Road in Rock Hill, South Carolina.”
The quitclaim deed lists the address of the Grantee of the sale as Lancaster Land, LLC at the attention of R. Warren Norman III. According to an article published on Aug. 31, 2018 on the Rock Hill Herald’s website — where Norman is mentioned alongside Lancaster Land, LLC —he is described as the “development director” of the Warren Norman Co. The company was founded by Warren Norman Sr. and was “led more recently” by Ralph Norman, the Republican U.S. Congressman who currently represents South Carolina’s fifth district. Rep. Norman is currently listed as a “Senior Advisor” on the Warren Norman Co.’s website.
Mahony said in the email that the $1.45 million price tag on the land “was the last appraised value of the property” although no date for that appraisal was given.
“For now the funds will go towards Winthrop’s net position, but the finance committee of the board will be discussing at upcoming meetings how best to invest the funds into the campus infrastructure,” Mahony wrote in the email.
The email goes on to say that the sale of property “means one less campus building to maintain,” which Mahony said is “good” for the university.
“From what we understand, there will be retail space coming, so that would be an improvement to the area and a benefit to our campus community,” Mahony said.
Photo: Matt Thrift/ The Johnsonian
