Webster University has officially sold its chancellor’s residence, known as the Chancellor House, for $1.2 million.
Located at 102 Mason Ave., the university purchased the four-bedroom, 3,430-square-foot home in 2012 for $935,000. It served as the official residence for the chancellor until recently, when current Chancellor Tim Keane declined to live there. Instead, Keane opted to direct its sale as part of a broader financial turnaround strategy.
“The money from this sale will be returned to the university and used to support Webster’s mission of delivering the highest quality education to our students,” Keane said.
Today’s announcement follows a decision to put the house on the market as part of the Kairos strategic planning process, which Keane initiated shortly after he was appointed chancellor. The initiative aims to realign Webster’s resources and financial planning. The most recent financial audit shows that Webster will end the fiscal year with a positive cash flow – an achievement the institution has not seen in over a decade.
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