 | Board of Visitors minutes October 13, 1950 |  |
WILLIAM JACKSON HUMPHREYS ESTATE
Mr. Merideth P. Wiswell, of the firm of Parsons and Wiswell, Attorneys, of Huntington, West
Virginia, appeared before the Board and outlined the procedure being taken in the settlement of the
Estate of the late Dr. William J. Humphreys.
Among other matters discussed by Mr. Wiswell, he reported that for the purpose of payment
of taxes it had been necessary to sell several parcels of land in the City of Huntington, West Virginia.
These sales have been made by Mr. Wm. E. Parsons, who has been appointed Ancillary Administrator
in West Virginia, and who, in making these sales, has acted under the general power of sale
given the Executors, and their successors, under the Will.
The sales made by Mr. Parsons are as follows:
| Kyle District: | |
| Part Lot 1, Block 20, Belford Extension 40 × 100 ft., being the northeast corner of 11th Avenue and 5th Street west |
$ 2,000.00 |
| Part Lot 20, Block 70 north 25 × 50 ft. | |
| Lot 7 Block 70 West End Realty Sub. | 1,200.00 |
| Lot 6 Block 70 West End Realty Sub. | |
| located on 12th St. west & 4½ Alley | |
| Gideon District: | |
| Lots 74 - 75 Norwood Addition near the Geneva Kent School | 300.00 |
| Lot 30, South Side Home sites or #1405 - 11th Avenue | 4,500.00 |
| Lot "C", Block 287, Flowers Sub. or #3064 - 7th Avenue | 3,500.00 |
| $11,500.00 |
Mr. Wiswell explained that these sales had all been made at appraised prices but in order
to be entirely sure that the appraisal was not too low his firm had these properties re-appraised
with a view of obtaining values as to the date of sale, and that, in his opinion, the amounts received
in each case were adequate, and Mr. Wiswell asked that the Board approve the action of the
Administrator in making these sales, adding that although the sales had been consummated and deeds
delivered and purchase price received, the purchasers understood that the transactions would have
to be approved by the Circuit Court of Cabell County, West Virginia, in the pending chancery cause
of Margaret A. Humphreys and The Rector and Visitors of the University of Virginia v. Washington
Loan and Trust Company, Trustee, et als.
Mr. Wiswell was requested by the Board to address a letter to President Darden in which he
will repeat and possibly amplify the statements made by him to the Board, as above stated, upon the
subject of values of the several parcels of land which have been sold, the purpose of the sales, and
the advisability of each, so that these facts may be available for future reference.
It was, thereupon,
RESOLVED that in view of Mr. Wiswell's assurance that the sales were necessary at this time,
that in each case the prices are fair and adequate, which facts will be further stated in his letter
above referred to, this Board approves each of said sales
Concerning the five sales of the properties located in Huntington, West Virginia, of the
William Jackson Humphreys Estate, which sales were made by deeds from William E. Parson, Ancillary
Administrator, c.t.a. of the Estate of William Jackson Humphreys, please be advised of the following
information concerning the advisability of each of those sales and conveyances
Part Lot I, Block 20, Belford Extension -
This property is a vacant lot being 40 × 100 feet in size, located on the Northeast corner
of Eleventh Avenue and Fifth Street West and was sold for $2,000.00 cash. This lot is located in
a fair residential section of the City and was I believe, sold for its fair market value.
Part Lot 20, Block 70, North part 25 × 50 feet, Lot 7 of West End Realty Sub. of Block 70,
Lot 6, West End Realty Sub. of Block 70 -
The above portions comprise a single vacant lot, being 50 × 124 feet and is located at
the corner of 12th Street West and 4½ alley. This lot was sold for $1,200.00 cash and is located
in a rather poor residential section of the City. The amount received is in my opinion, the fair
market value therefor.
Lot 74 and 75, Norwood Addition -
These two lots are approximately 50 × 120 feet each and were sold for the total sum of
$300.00 cash. These vacant lots are located in an undeveloped outlying section from the City and
there are no adequate streets, gas, electricity, or sewage systems servicing this section of the
City. The amount of $300.00 received for these lots are in my opinion, the fair market value therefor
Lot 30, South Side Home Sites -
This improved lot, known as 1405 - 11th Avenue, contains a small frame bungalow and was
sold for the sum of $4,500.00 cash. The house thereon is about 30 years old, and was in great need
of painting and structural repairs due to the fact that the joists in the rear of the house were
etc. and the house itself was located one-half block from the colored residential section of the City.
It is located upon a lot 40 × 80 feet and the price received therefor is in my opinion, the fair
market value.
Lot "C", Block 287, Flowers Subdivision -
This is a lot approximately 40 × 60 feet and contains a small frame bungalow known as
3064 Seventh Avenue, which lot was sold for the sum of $3,500.00 cash. The house thereon is located
about one-half block from the main C. & O. railroad tracks and is located in a poor residential section
of the City. The house itself is about 30 years old and greatly in need of painting and repairing,
both inside and out. The rear portion of the house will have to be partially rebuilt, due
to the poor state of repair. This house is located in front of an unpaved street and the purchase
price received therefor is in my opinion, the fair market value thereof.
All of the above properties were sold in order to raise sufficient funds with which to pay
West Virginia Inheritance taxes, debts of decedent, and costs of administration. Each of the above
properties were appraised in April, 1950 by three competent real estate agents as to their fair market
value and the above prices represent those appraisements. Furthermore, immediately preceding
each of the sales above, I had each of the above properties appraised as to their fair market value
as of September, 1950, by a highly competent real estate agent and the appraisements made by him as
to each of the above properties was the same as each of the selling prices as noted.
The above information is to be appended to the resolution adopted October 13, 1950 at the
meeting of the Board of Rector and Visitors of the University of Virginia and that resolution requested
that I forward the above information in letter form.
On motion the meeting was then adjourned.
Rector
Secretary
| Board of Visitors minutes October 13, 1950 | |