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3. The potential income to be realized from investing proceeds of a sale;

4. The hope that the Smithsonian should adhere to selectivity in regard to a purchaser, thus honoring the intent of the original donors to maintain a certain integrity of the house and land; and

5. Belmont's prestige value to the Smithsonian as a unique Conference Center to satisfied users, despite the absorption of an annual loss.

In view of apparent increasing interest in a selective purchase of the property, the Secretary seeks the guidance of the Board of Regents as to whether a possible sale should not be pursued. Advantages to such a sale, in the opinion of the Institution's administration, would consist in cutting our losses, having satisfied the precatory wishes of the donors, and applying the proceeds to other investment, as well as the possible further purchase of land at the Chesapeake Bay Center to consolidate these unique research holdings on the Western shore of the Bay.

The Board of Regents did not consider the matter in full, but it will be brought up at a future date, when an appraisal of the property and its prospects as an investment have been more fully evaluated.