Hoping it's the right time to sell, Texas A&M University is ready to sell a large piece of property donated to the institution from former Guam resident Dwight Look. Peter Grossman is a broker from C.B. Richard Ellis, based on Hawaii and is on Guam, looking for those interested in purchasing the university's foundation property, also known as Mannengon Hills land.


Said Grossman, "Dwight Look went to Texas A&M, that was his alma mater, so he donated a portion of that, approximately 1,100 acres to the university several years back and now that the economy is picking up and the real estate market is picking up the university thought that they should sell off or dispose of the property and use that money for educational needs."


When the property was donated to Look's alma mater, it was worth an estimated $52 million. Grossman says the sale of the property will be a bidding process with a starting bid of $25 million, which will be open to local and foreign investors. The property will officially hit the market on Monday, October 1, with brokers expecting the transaction to be completed before the end of the year. Grossman says the money from the sale of the property will be used at the college, telling KUAM News, "There's building construction, there's scholarships, there's a whole host of activities that that'll be funding. If it all works out, probably forty-five days it's going to be a very quick transaction."


Look was a retired construction engineer and real estate developer who lived on Guam for nearly forty years. He was an army veteran who served in the Pacific during World War II and chose to reside on island until his death. Texas A&M named the College of Engineering after him for his considerable donation.