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Law, culture, and Catholicism...up in smoke!

Monday, June 30, 2008

Naples News on Monaghan Sale of Land

The Naples News has a couple of articles about Ave Maria Town. First, Monaghan still has plans on building a 65-foot crucifix, though it appears that this is on hold because other projects have to be completed first.

Second, the Naples News reports that Monaghan plans on selling a 59-acre piece of property in Naples for a several million dollar profit. The land was bought for $5.7 million when it was zoned for agricutural use and is now worth more than $9 million after it was rezoned for commercial and residential mixed-use development. (Congratulations, Mr. Monaghan! You had some great foresight in this real estate speculation!)
The property is in the name of "Tree Farm Land Trust," which lists Monaghan as its sole owner. Tree Farm Land Trust is not affiliated with Ave Maria University or town, according to Roney and a vice president at Barron Collier Cos., the town's co-developer with Monaghan. Proceeds from the sale will go toward the university and town, but the dollars haven’t been earmarked for a specific purpose, Roney added.
I find this passage to be interesting as it shows the blurring of finances and corporate structures found in every Monaghan project: proceeds of the sale are going towards the university, even though the "Land Trust" is not affiliated with the university or town. Can't we just admit that all Monaghan investmests, properties, monies are commingled in one big Monaghan piggy bank?
[Paul] Roney, who's acting as Monaghan's agent for the Tree Farm property, holds many titles at Ave Maria entities. He's executive director of the Ave Maria Foundation, the charity established by Monaghan, chief financial officer of Ave Maria University and is one of five board members on the government of Ave Maria town.
See, even Monaghan's people are commingled in the big piggy bank.
In April, the Ann Arbor, Mich.-based Ave Maria School of Law announced it was moving to the 12-acre Vineyards property in North Naples, which was the temporary location for Ave Maria University before it began operations in eastern Collier last August. The law school will lease that property from the university, which had been trying to sell it. Monaghan founded both the law school and the university and sits on both boards, but there's no institutional connection between the two.
Hee, hee. "No institutional connection." ..... rrriiiiggghhhttttt.

HT: AveWatch