Case Studies

Le Mans Academy, Rolling Prairie, IN

Property

Le Mans Academy was a private boarding middle school (grades 5–9) for boys and was sponsored by the Brothers of Holy Cross of the University of Notre Dame. The institution was originally known as Sacred Heart Military Academy, which operated in Watertown, Wisconsin, until the summer of 1968. The school was moved to Rolling Prairie, Indiana, and renamed in order to successfully transition to an all-boy school verses co-ed. The campus consisted of a main building located on 51 acres, as well approximately 600+ acres of surrounding farmland.

Situation

Even though the school was experiencing its highest enrollment in years, the campus closed its doors in 2003 because the Brothers of Holy Cross’ Midwest Province needed to liquidate an available asset to help meet the rising cost of health care for its aging population of religious brothers.

Strategy  

The members of A&G’s SRES team were hired to maximize return via an accelerated, structured sales strategy. We conducted a six-week sealed-bid sale, offering the campus separately from the surrounding farmland. The reason for this method was price discovery, as market pricing depended heavily on use, and there were no definitive comps in the region. The auction strategy proved to be successful, as the winning bid produced a high bid greater than $2 million from the next highest bid. The property reopened in 2005 as Sacred Heart Apostolic School.