Covering Louisiana

Aug 23, 2013 9:31 AM by AP

NO school properties sell for $2.3M in auction

NEW ORLEANS (AP) - New Orleans public schools sold off five properties for a total of $2.3 million this week.

The auctions, which have reaped the school board about $10 million for capital projects in recent years, are part of the school system's master facilities plan to shed surplus buildings and land after 2005's Hurricane Katrina.

By law, a school property can be sold for a minimum of 85 percent of the appraised value the first time it goes to auction.

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