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40
Sale of 171 Acres of Land at Fort Pierce, Florida
Mr. Ripley recalled that on May 19, 1971, the Regents ratified the contract to purchase approximately 171 acres of land adjacent to the Institution's oceanographic operations at Fort Pierce, Florida, and approved the subsequent transfer of this property to the Harbor Branch Foundation. The Smithsonian sold the land to the Harbor Branch Foundation on May 1, 1972, for the sum of $185,000 (the out-of-pocket expenses incurred by the Institution in connection with the purchase and subsequent sale of this property). Consequently, no gain or loss accrued to the Smithsonian as the result of this transaction.
Financed by income from Endowment Fund No. 3, the new Fort Pierce Bureau of the Smithsonian appears to be flourishing. Assets of the Bureau consist of: 
1. a former coast guard cutter (Yeaton) being rebuilt as the oceanographic vessel R/V Johnson with special facilities for servicing a research submersible;
2. the five-man research submersible Johnson-Sea-Link which is nearly trouble-free as a manned work vehicle to 1,000 feet depths;
3. a mechanical shops building with full capability for repair and maintenance of ship and submersible;
4. construction equipment such as bulldozers, cranes, trucks and loaders for full shore support of the operations of the ship-submersible system;
5. rights of use to a modest fully equipped biological research laboratory;
6. a small boat;
7. full use of Edwin A. Link's ocean yacht Sea Diver;
8. approximately 35 blue collar workers and shops and engineering staff; and,
9. approximately five resident Smithsonian staff scientists.