by BRAD ROLLINS
San Marcos school district trustees voted on Monday to knock $222,950 off the sale price of the Lamar Annex property after an updated land survey determined the property is smaller than advertised.
Occupying a tract at Old Ranch Road 12 and Hutchison Street within a half-mile of both the Old Hays County Courthouse square and Texas State University, the Lamar Annex sits on property where the Coronal Institute, a Methodist private school, was built in 1868. The property was sold to the public school district in 1925 which built a new high school there in 1951.
In July, a holding company controlled by Philadelphia real estate investor David Lerman bid $3,185,000 for the property based on existing land surveys that calculated the tract at 5.2 acres, about 226,512 square feet. A new survey commissioned by the prospective buyer later determined that the property is only about 4.8 acres, a difference of 17,000 square feet.