According to the China National Radio website, the New York Military Academy (NYMA) was purchased on Wednesday for nearly USD 16m at a bankruptcy auction by the Research Center on Natural Conservation, a nonprofit group controlled by Chinese investor Vincent Tianquan Mo, the founder and chairman of SouFun Holdings. Mr. Mo said he would keep the academy open as a high school and will recruit Chinese students interested in studying in the United States.
NYMA has struggled recently with a sharp decline in enrollment, and after struggling financially, sought Chapter 11 bankruptcy protection in March. The school did not open in September and instead went on the auction block.
NYMA runs from grades 8 through 12 and was founded in 1889 as a boys’ boarding school with military-style training. Its graduates include Republican presidential candidate Donald J. Trump. While the school is not a true military school as its graduates are not automatically enlisted in the military, the academy does utilize a military model and expeditionary curriculum.
Sources say the sale is pending upon the approval of the Judge of the United States Bankruptcy Court, which is expected before the end of the month.