University of Mississippi Acquires Historic Scruggs Home
Oxford, MS – The University of Mississippi recently purchased the prominent Scruggs residence, located on Faulkner Woods Place. This stately mansion, previously owned by Dickie and Diane Scruggs, is spread across an expansive 10,176 square-feet and is tucked into approximately 9 acres of property on the border of the university campus.
The iconic home and the land around it were purchased by the university for $10 million, considerably less than the actual appraised value which was over $17 million.
Significant Property for Strategic Growth
The home has now been officially named by the university as “The Scruggs Home at Ole Miss”, following approval from the Mississippi Institutions of Higher Learning (IHL) during its April meeting. “This property offers a rare opportunity to acquire nearly 10 acres bordering our campus and the grounds of Rowan Oak,” expressed Jacob Batte, the director of News & Media Relations for the university.
Interestingly, the Scruggs family agreed to sell the residence at 60 percent of the appraised value. This resulted in an in-kind donation valued at roughly $8 million being made to the university.
Whilst the exact use for the property by the university remains undecided, it is acknowledged to be a valuable acquisition. Properties adjoining the campus are in high demand, and limited in availability, making them prized assets. The acquisition fits into the university’s strategic growth interests, considering both its location and expansion potential.
A Step Forward
Alongside approving the acquisition and renaming of the house, the IHL also gave its consent to the exterior design for a new 1,331-space parking garage on campus. Planned to be located immediately west of the existing North Parking Garage, this new establishment is expected to accommodate an additional 985 beds in three new housing units. These units will replace the Kincannon dormitory, demolished last year.
Affirmatively, the proposed parking garage has a budget of $50 million. Both requests from the university were part of the Agenda of Consent during the IHL meeting and were approved unanimously.
Undoubtedly, the recent developments have been met with anticipation. The acquisition of the Scruggs home and the expansion of facilities signify a new strategic direction for the University of Mississippi. While it’s yet to be seen how the university will utilize the newly procured property, one can expect it to play a vital part in the institution’s vision for enhancing campus life.
