Sacramento State's University Mansion: SOLD for $2.5 million - a $295,000 loss after 21 months of ownership.

Escrow has closed (August 2015) on the sale of  511 Knightsbridge Lane - the estate purchased in November 2013 by University Enterprises, Inc. for $2,795,000.

The $2,500,000 sale price is almost $300,000 less than UEI paid for the property just 21 months ago.

photos @: Zillow 511 Knightsbridge Lane 95864

Sacramento Magazine has reported that the six bedroom, six bathroom home with a dual staircase and elevator was purchased for "fundraising and community engagement" activities, and as a "possible" residence for then-President Alexander Gonzalez.



The purchase of the property was approved by the UEI Board of Directors, meeting in closed session on September 26, 2013.

All that was recorded publicly about the closed session (the last item on the agenda) was that a vote was taken to authorize the purchase of "Parcel #294-0098-034-0000."

At the December 6, 2013 board meeting, UEI director Reinhart stated: "the University House closed escrow in November and is being leased back to the seller on a month-to-month basis terminating on or before August 15, 2014."

On or before the end of August of 2014, president Gonzalez announced his retirement.

The following month, in September 2014, the UEI board held a "special meeting" and in closed session voted to authorize the sale of "Parcel #294-0098-034-0000."

On July 1st, 2015, California State University, Sacramento welcomed its 8th President, Robert S. Nelsen.  Dr. Nelsen has purchased his own home at 45th and J Street - in the heart of the East Area, on the historic corridor from the highway and downtown to the original Sacramento State College.