5.28.2019 Mission Bell Farm Update
Almost one year ago, the Blue Wing Adobe Trust (”BWAT”) entered into a contract to purchase the historic Mission Bell Clydesdale Farm in downtown Sonoma. Our goal then, as now, is to protect this historic property from development and to preserve the iconic farmstead for future generations.
With the generous support of our community the BWAT has raised just over $4 million. That is a significant sum, but $3 million shy of the purchase offer of $7 million. Since our contract with the Castagnasso family expired in late February, the BWAT has worked diligently during the grace period to secure the remaining funds to close the transaction. Specifically, we have been working with private foundations dedicated to historic preservation and the preservation of open space. These foundations have asked to remain anonymous until the potential funding is approved.
As one would understand with a transaction of this size, potential partner foundations require an extensive approval process. This takes time and due diligence. We appreciate the cooperation and patience of the Castagnasso Family throughout this process. While we are almost there, we have run out of time on the offer.
As a result, the contract with the BWAT has been cancelled and property will be placed back on the market on May 28.
But this has not changed our commitment to protect the property and we remain optimistic that the additional funds will be secured soon. If the farm is acquired by another buyer or if it becomes apparent the path we are pursuing will not work, we will return all Save The Farm contributions to our generous donors.
We appreciate everyone's patience and commitment to preservation of the farm and hope to celebrate good news with you soon.
President, Blue Wing Adobe Trust