The University of Wisconsin-Oshkosh chancellor needs to find a new place to live.
His house was provided by the university and is now being sold as part of a bankruptcy filing process.
On Thursday, officials with the university’s private, nonprofit UW Oshkosh Foundation announced they will file for bankruptcy and have filed a reorganization petition under Chapter 11 of the federal bankruptcy laws.
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Chancellor Andrew Leavitt has been credited for sounding the alarm on suspicious transactions allegedly done by his predecessor, Richard Wells.
As part of the foundation’s filing, the house has to go, meaning Leavitt and his wife will have to move.
The foundation purchased the house on Congress Avenue in Oshkosh in 2013 from Wells for $450,000, reportedly well above market value. Wells retired just more than a year after the transaction.
The UW System is now suing Wells and former Chief Business Officer Tom Sonnleitner for allegedly mishandling $11.3 million in university money.
In all, the UW Oshkosh Foundation owes $15.8 million to creditors and has assets of $14.8 million.
The university’s suit against the two former officials alleges they spent funds on five real estate projects including a hotel, a sports complex, a welcome center and two bio-digesters.
According to the Associated Press, UW Oshkosh Foundation Chairman Tim Mulloy said the voluntary action will protect the university’s endowment, allow restructuring and help the foundation resume its mission of supporting UW-Oshkosh.
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