Former Virginia Intermont campus sold; new school proposed

BRISTOL, Va. – A Chinese firm plans to establish a four-year college in Bristol after acquiring the former Virginia Intermont College campus through a foreclosure auction.

News outlets report that Flushing, New York-based U.S. Magis International Education Center purchased the property for $3.3 million on Thursday.

Company spokesman George Xu says the firm plans to renovate campus buildings and apply for accreditation. The company has not decided on a name for the proposed school.

Virginia Intermont College closed in May 2014 amid financial insolvency, plummeting enrolment and lost accreditation. The Bristol Herald Courier (http://bit.ly/2gU2nUX ) reports the property had a $15 million asking price when it was initially listed for sale in 2014.

Xu says U.S. Magis International is owned by a Chinese businessman and was established to acquire and operate colleges in the U.S.

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