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[[underlined]] Real Estate Transactions [[/underlined]]

In addition to the scale of the Belmont Conference Center referred to above, and described more fully in the recent Regents Newsletter, several other minor real estate transactions will occur in the next few months and are reported here for the information of the Regents.

[[underlined]] Murray Property [[/underlined]]: In 1979 the Smithsonian purchased the Murray property at the Chesapeake Bay Center for Environmental Studies, a 128-acre parcel of land adjacent to current land holdings; since the necessary purchase price exceeded funds originally set aside for the acquisition, the Regents specifically authorized the Secretary to sell a small portion of the land on which an old, somewhat dilapidated residence stands. While this sale has taken longer than expected, due to the need to obtain a subdivision of the larger tract as well as approval of the Maryland Historical Trust which holds a restrictive easement on the property, a sale is anticipated during FY 1983. Net proceeds will be retained to fund future land acquisition at the Bay Center after covering the original purchase price of the Murray property and certain renovation expenses; approval will be sought from the Regents for any such acquisitions. 

[[underlined]] Sultner Estate [[/underlined]] A remainder bequest was received by the Smithsonian in 1981 from Donald Sultner, a photographer and long-time admirer of the Institution. It was anticipated that his executor would liquidate the holdings of the estate and transfer to the Institution readily marketable assets which, under the terms of the Regents Bylaws, would automatically be added to endowment since not otherwise restricted. While some cash has been received in fulfillment of the bequest, the estate was unable to liquidate Mr. Sultner's major holding, namely an interest in a 49-acre