Uconn Foundation sells house it bought to woo major donors
Site in Hartford’s West End was purchased in 2013 as part of fundraising strategy
HARTFORD — A 1926 Federal-style Colonial residence in Hartford’s upscale West End purchased by the Uconn Foundation in 2013 for wooing major donors to its endowment has sold for $725,000, according to city records, well below the original asking price.
The foundation paid $660,000 in cash and spent $262,000 on renovations to the three-story, seven-bedroom home at 61 Scarborough St. The foundation originally listed the 12-room, 5,985-square-foot dwelling at $875,000 at the end of last year.
The proceeds from the sale will be used for expenses related to Uconn-provided housing for the university’s president or other purposes chosen by foundation donors, including those aimed at supporting students, Montique Cotton Kelly, vice president of alumni relations and communications, said, in a statement.
“In consultation with the university and our board of directors, the decision was made to sell the property at 61 Scarborough St. based on several factors, including the frequency of its use — including during the pandemic — and increasing maintenance costs over time,” Cotton Kelly said. “We contacted donors whose generous gifts made the purchase of the property possible, and we are proud to honor their intentions for supporting Uconn’s future.”
Cotton Kelly said the original list price and eventual sale price were driven by the real estate market.
The original strategy behind the purchase of the residence in 2013, as leaders of Uconn Foundation put it at the time, was the need for public universities to step up appeals to private donors — and that Hartford was a prime location in which “to use the president more strategically” in fundraising.
Susan Herbst, then the Uconn president, also used the home from time to time if she needed to be in Hartford. Herbst’s successor, Thomas C. Katsouleas, also now gone from Uconn, had used the Scarborough Street house, but agreed it should be sold.
When the property was listed, the foundation said the residence had been put to good use hosting gatherings with alumni, donors and supporters, but it also was
found to have limited capacity for larger-scale events, which also contributed to the decision to sell.
The COVID-19 pandemic also put a stop to in-person gatherings, and the foundation said some might not be comfortable attending them for some time.
The purchase of the Hartford house was funded by donations to the foundation, not taxpayer money or student fees or tuition. Although the foundation is a tax-exempt charity, the foundation said it did not seek property tax exemption, which would have potentially taken the property off the tax rolls of Hartford.
The average annual costs are $17,308 in property tax, $21,428 in maintenance costs
for upkeep, landscaping and cleaning, $8,681 in utilities,
and $5,486 in insurance.