Iowa State University expects to lose tens of thousands of dollars unloading an airplane it purchased 2 ½ years ago for his President Steven Leath’s travel.
A notice seeking a broker to handle the sale says Iowa State will likely list the 2011 Cirrus between $429,000 and $480,000, and is willing to negotiate to have it sold within 90 days.
That range is less than what a university statement called the “exceptional price” of $498,000 it paid in 2014 — before the broker gets paid a likely five-figure fee.
Such depreciation wouldn’t be unusual. But Leath told reporters in December that he expected to make money or break even on the planned sale, announced the day an audit found he used it for a mix of official and personal business.