Historic nature of Fall School justifies $6 million price tag, Scientologists say

Nashville Business Journal/June 30, 2008

Representatives of the Church of Scientology say they paid a premium for the Fall School Business Center because of the historic nature of the 19th century building.

The Church of Scientology Religious Trust purchased the executive suit building at 1130 Eighth Ave. S. along with adjacent properties at 1112 and 1114 Eighth Ave. S. for $6 million from Fall School Associates June 26, according to records and the Davidson County Register of Deeds.

"The building's integrity has been maintained by the prior owner as to the artistic architectural qualities," church representatives say in a statement responding to questions from the Nashville Business Journal. "We have found historical buildings are built with superior quality of workmanship and have greater longevity."

The Falls School building was built in 1898 as an elementary school and is on the National Registry of Historical Places.

The statement says the $1.84 million assessment of the value of the land and building may have been low for the existing sales market for comparable properties.

"It was just a persistence of the part of the buyer to continue to pursue and be interested in a historic building," says Gary Haynes owner and managing partner of the Fall School Business Center. "There is a point at which the buyer becomes more motivated than the seller."

For the time being the church will keep its Church of Scientology Celebrity Centre Nashville at 1204 16th Ave. S.

"There is a lot of interest in Scientology these days, and we really do need more space to accommodate the growth," the church's statement reads.

The new owners plan to have a bookstore and information center, a café open to the public and course rooms, counseling rooms and meeting rooms, all of which they plan to make available to the community.

Current tenants will have 120 days to move out of the 36,000-square-foot building. It will then be turned over to the new owners, Haynes says.

To see more documents/articles regarding this group/organization/subject click here.