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The historic Eastcliff mansion long owned by the University of Minnesota has been sold, but there won’t be a new face on the block overlooking the Mississippi River.

In an effort to cut down on university costs, the Board of Regents approved the sale of Eastcliff in St. Paul to the University of Minnesota Foundation. The transaction was structured so the school will maintain access to the property.

The sale was approved by a 9-2 vote on Thursday. The sale price is $2.2 million. That's lower than its assessed market value of $3.4 million.

But just the building got sold. The 1.62 acres of land will remain under university ownership.

Through the agreement, the foundation will take ownership of the house. The foundation would use private dollars to pay for renovations for the 103-year old home where eight school presidents and a governor have lived since it was given to the university in 1958.

For a few months last year, Eastcliff had some national focus and

 led to extra neighborhood security precautions

 as the home of Democratic vice presidential nominee Tim Walz when the governor and his family were living there during a renovation to the state-owned Governor’s Residence. The Walz family 

The two-story house behind the white picket fence has required a lot of maintenance and renovation, with estimates that it would need an endowment of at least $15 million for repairs and maintenance. 

In 2022, the Board of Regents asked a task force to look at whether the mansion should be sold or an alternate arrangement be found. The task force concluded having private dollars pay for renovations would be best, suggesting the foundation could do that.

“The task force recommendation was to retain Eastcliff as the unique role that it plays within the life of our university, and to transition the funding for operations and capital expenses from public resources to philanthropic support,” Board Chair Penny Wheeler said at a meeting ahead of the vote.

The foundation will enter into a 40-year lease of the land at no cost. The university will pay no base rent for the home, but money from the sale will go into an endowment to help with maintenance and operating expenses. The house is currently under renovation, which will be paid for by the foundation.

“The terms of the agreement also provide us with necessary protections to ensure that the future of Eastcliff — if for some reason the foundation is unable to maintain it — comes back to the university's hands,” Wheeler said. “But I am fully confident that this will mark a new chapter and a positive one for Eastcliff and our continued partnership with the foundation."

Not all regents are happy with the agreement. 

Regent James Farnsworth said the deal was put before the board in rushed fashion.

“I think that that leaves pretty limited time for public input engagement, engagement as a board member voting on this, quite frankly,” he said.

“I am concerned that taking it out of the realm of the Board of Regents would make the whole process less transparent and less available to the public to see what we're doing,” she said.

Regent Ruth Johnson pointed out that the foundation owns other buildings used by the university, including the McNamara alumni building where the board holds most of its meetings.

“We rent our space from the University of Minnesota Foundation. I think there's been an excellent way of managing the finances and our work,” Johnson said. “Our work is not affected here whatever by fact they own it."

Johnson added that to her, it also makes fiscal sense to shift maintenance to the foundation, rather than rely on tuition dollars.

“We want it there. It's important for our activities at the university. It's an important part of our history. It's an important part of welcoming people to this community and other fund raising,” Johnson said. “But we can have them do the financial heavy lifting of purchasing that. We can use it. I think it's a fantastic deal, and so I strongly support it.”

The resolution passed with only Farnsworth and Gulley voting against it.

Renovations at Eastcliff are expected to be done by December. That’s when President Rebecca Cunningham is slated to move in, which is required by her employment agreement.

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The University of Minnesota Board of Regents voted to sell the university president's mansion, but there won’t be a new face in the neighborhood.

University of Minnesota regents approve sale of historic Eastcliff mansion but will keep keys

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