Former Burlington College Building Sold To Bank For $3.1M

BURLINGTON, VT — A building that one housed a now-defunct college where U.S. Sen. Bernie Sanders' wife was president has been sold at auction.

People's United Bank took ownership of the former Burlington College property on Wednesday for $3.1 million, The Burlington Free Press reported. That's about $650,000 less than the college has in debts.

Developer Eris Farrell hopes to buy the building. (For more local news, click here to sign up for real-time news alerts. If you have an iPhone, click here to get the free Patch iPhone app.)

Burlington College closed last year. It struggled under the weight of a $10 million purchase of property and buildings from the Roman Catholic Diocese of Burlington it made in 2010. Jane Sanders was president of the college at the time.

Federal investigators are looking into the finances behind the real estate deal that she put together.

A spokesman for the Sanderses said the allegations that prompted the investigation were politically motivated attacks.

Photo credit: Wilson Ring, John Minchillo/Associated Press