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SMITHSONIAN INSTITUTION

May 12, 1964

To: 
Mr. Robert V. Fleming, Chairman
Executive Committee, Board of Regents
Smithsonian Institution

From: E. L. Roy, Treasurer

Subject: Status of Property - Part of Estate of Robert Lee Forrest

In accordance with your request, I am submitting a brief report on the present status of the three parcels of real property which represents the remaining assets of the bequest of Robert Lee Forrest.

ONE LOT: Unimproved lot located at 700 North Kesson Street, Baltimore, Maryland. An appraisal dated May, 1963, lists the fair market value as $56,400. We have executed a listing contract with the W. C. Pinkard Co. of Baltimore with a requested listing price of $60,000. One offer has been received of first for $45,000 which later was increased to $50,000. We countered this offer through our Agent with a requested increase to $53,200. No reply as yet has been received to our counter proposal.

ONE LOT AND IMPROVEMENTS: Improved lot located at 7-11 Chesapeake Avenue, Towson, Maryland. An appraisal dated December 1963, lists the fair market value as $95,000. This property is presently leased at $8400 per annum. We have executed both a management and a listing contract with the W. C. Pinkard Co. of Baltimore. Our requested listing price is $95,000. One offer, from the lessee, in the amount of $70,000 has been received. This offer was rejected as too low.

JAVA FARM: A farm of approximately 366 acres located in Anne Arundel County, Maryland, between Muddy Creek Road (Md. Route 2) and the shores of Rhode River and Muddy Creek. A water frontage of approximately 7300 feet, while not prime, does place this property out of the usual farm or waste land. An appraisal dated October, 1963, lists the fair market value at $185,000. We do not have a formal listing contract for this property. However, Max C. Schwartz, a reputable realtor of Annapolis, Maryland, has informed us of two clients who are interested in this property, to one of whom, the Metro-Goldwyn-Mayer Co., they have offered the property for a total sales price of $549,000. This offer, we are informed, must have the approval of the Board of Directors of M.G.M. No formal offer of purchase has been received by us. Out latest word from Mr. Schwartz is that they are preparing material regarding the property for presentation to the M.G.M. Board of Directors for their consideration.

On motion by Senator Saltonstall, seconded and carried it was

VOTED that the Report of the Executive Committee as presented, be approved.