Sterling College has listed its Craftsbury Common campus on the open real estate market this June, following the graduation of its final class in May.
The move creates uncertainty for local community groups hoping to purchase the property.
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The institution is using a solicitation of offers process, with bids due by July 20.
This decision comes despite two previous purchase offers from The Headwaters Land Trust, a local nonprofit funded by philanthropic donors.
The Headwaters Land Trust aims to acquire the campus to establish housing, expand a local childcare center, and maintain the existing working farm for agricultural use.
However, college trustees noted a significant cash deficit between the trust's bids and the institution's financial obligations.
Linda Ramsdell, board president of The Headwaters Land Trust, explained that multiple community organizations and businesses mobilized immediately after the closure announcement.
“This campus is the heart of Craftsbury Common, and that was really concerning to everyone in the community,” she said.
The board of trustees addressed the financial discrepancy in a letter to the college community on May 11.
“All along, we have been hopeful that a sale to Headwaters Community Trust will allow Sterling to retire its liabilities, preserve the campus for the Craftsbury community and provide a place for future Sterling educational activities to thrive,” the trustees wrote.
The trustees explained that bypassing the open market would require a single buyer to fully cover all outstanding debts.
