CLAYTON — Washington University paid $39 million to acquire the campus of nearby Fontbonne University.Â
Fontbonne President Nancy Blattner confirmed the sales price Thursday evening. Washington University did not immediately respond to a request for comment.Â
The neighboring universities agreed to a deal in March after Fontbonne, at Wydown and Big Bend boulevards, announced it would close in 2025. The universities, however, did not then disclose the sales price for the 16-acre property.Â
The deal closed in June, St. Louis County real estate records show.Â
Fontbonne, a private Catholic institution, struggled for years with declining enrollments and budget deficits. There will be no freshman class this fall, but courses will continue through summer 2025.
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Following the sale to Washington University, CNB St. Louis Bank and Sisters of St. Joseph, which founded the university, said they had lifted their liens against Fontbonne, real estate records show. It wasn't clear how much Fontbonne had owed the organizations.Â
St. Louis County appraised Fontbonne's campus at $42 million.Â
Colleges are struggling with declining enrollment, rising operating costs and the end of pandemic-related federal support.
After half the team dropped out after its first season, questions arose about Fontbonne’s future as it plans massive cuts to academic programs.Â
The “final retrenchment plan†comes after a 60% loss in enrollment and more than $14 million decline in revenue over the past decade.
The Clayton university’s downfall followed several financial missteps and outside factors like a longstanding decline in birth rates.
Webster, facing its own financial crisis, said it will accept all completed undergraduate credits to help Fontbonne students.Â