Big Hollow Elementary District 38 officials have dropped the asking price for the Route 12 property, but it still is $3 million more than the highest bid for the vacant former school site.
District officials on Monday approved cutting the asking price by $800,000 to $4.2 million for the 12-acre parcel at routes 12 and 134 in Fox Lake.
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It's the first time the district has reduced the price from the original $5 million the district set in 2008, based on the assessed valuation of the property. District officials confirmed the highest bid they've received for the site has been about $800,000.
"The $4.2 million price is the most recent assessed valuation of the property," said District 38 school board President Vivian Kueter. "We are not going out for bid, so we can take a decent offer that is below the asking price if the board chooses to do so."
This is the third time the prime real estate parcel has been put up for sale, officials said. However, it's the first time it is being sold through a Realtor and not in an auction.
To entice potential buyers, the district paid for demolition work at the site in 2010 to knock down the former Big Hollow Primary and Taveirne Middle School buildings. The site has been off the market since then.
The property will be put on the market starting Jan. 3 by Prudential Realty Group, Kueter said.
Board member Julia Mazuer was the only opponent of the new $4.2 million asking price, saying she felt the price was too low for such an attractive parcel.
"I firmly support the board's decision on the asking price," she said after the vote. "However, with the real estate market being what it is right now, I think it would be smarter to hold onto it a little longer, until the market turns around."