Sure enough, the University has sold Yerkes Observatory to Mirbeau Spa for $8 million. They get most of the land surrounding the observatory for their 72 house development and spa and donate the observatory building and nearby grounds to the city of Williams Bay, which has to agree to this. A non-profit will run the observatory, although the University is paying for the operation for 5 years and the claim is that special taxes of an unknown sort will fund the observatory's mission after that.
Chicago Tribune story archived via U of C News Office.
Official University Press Release
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