The details of the purchases of the new land are below.
Adams Property
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Property Description: |
Northeast 1/4 and East 40 acres of Northwest 1/4 of Section 34, Blind Asylum Land totaling 200 acres |
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Grantors (Sellers): |
Ed Adams and wife, Nora Adams |
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Purchase Date: |
August 6, 1927 |
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Purchase Price: |
$42,000 ($210 per acre) |
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Purchase Terms: |
$10,000 cash and ten $3,200 promissory notes due August 6, 1928 to 1937 bearing eight percent interest annually |
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Mayfield and Hughes Property
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Properly Description: |
Southeast 1/4 of Section 34, Blind Asylum Land totaling 160 acres |
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Grantors (Sellers): |
Mrs. M. M. Mayfield, a widow; Merro Mayfield and wife, Ruth Mayfield; Malcolm Mayfield and wife, Ethel Mayfield; Percy Mayfield and wife, Fay Mayfield; Prentiss Mayfield, a bachelor; Miss Alberta Mayfield, a feme solo; and W. E. Hughes and wife, Willie E. Hughes |
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Purchase Date: |
August 6, 1927 |
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Purchase Price: |
$33,000 ($210 per acre) |
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Purchase Terms: |
$5,000 cash, one $5,000 promissory note due in 60 days bearing eight percent interest annually and five $4,720 promissory notes due August 6, 1928 to 1932 bearing eight percent interest annually |
Miller Property
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Properly Description: |
West 1/2 of Section 33, Blind Asylum Land totaling 320 acres |
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Grantor (Seller): |
Mrs. Xenia Adams Miller, a widow |
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Purchase Date: |
January 19, 1928 |
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Purchase Price: |
$44,000 ($137.50 per acre) |
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Purchase Terms: |
$5,000 cash, six $3,580 promissory notes due January 19, 1933 to 1938 and one $14,320 promissory note due January 19, 1939 all bearing 8 percent interest annually and assumption of a $3,200 promissory note due October 1, 1932 bearing eight and one half percent interest annually |
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Total Purchase Price
The school paid $119,600 for the 680 acres of land or $175.88 per acre. When originally purchased from the state of Texas, the land cost $1.50 per acre or $1,020 for the 680 acres.
Abilene Christian paid the owners of the land $20,000 in cash and owed $5,000 plus interest in 60 days to Mayfield and Hughes. The payment schedule was:
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Year |
Principal and Interest Payments |
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1928 |
$ 12,640.00 |
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1929 |
14,870.40 |
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1930 |
14,236.80 |
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1931 |
13,603.20 |
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1932 |
16,169.60 |
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1933 |
10,924.00 |
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1934 |
10,381.60 |
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1935 |
9,839.20 |
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1936 |
9,296.80 |
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1937 |
8,754.40 |
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1938 |
5,012.00 |
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1939 |
15,465.60 |
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Total |
$ 141,936.60 |