A university-owned forest here in Eastern Carolina is being sold to an out-of-state family agriculture business.
Hofmann Forest is a 79,000 tract of land in Onslow and Jones counties which was bought by North Carolina State University in 1934. The university's Endowment Fund trustees, which actually owns the land, agreed to the $150 million sale this morning.
The forest had been used by the university for research and NCSU obtained money each year in timber sales.
Recently, a judge denied opponents to the sale a temporary restraining order.
Investments from the sale of Hofmann is expected to bring in $6 million each year to NCSU's College of Natural Resources.
A news release from NCSU listed no plans for the property by the new owner, a family-owned farming company headed by Jerry Walker.