The Cableland mansion
/ Courtesy: Denverpost.com
DENVER (AP) -- The city of Denver and the Daniels Fund have agreed to sell the mayor's official residence and use the proceeds to help kids go to college.
Proceeds from the sale of the 19,500-square-foot mansion known as Cableland would be donated to the Denver Scholarship Foundation.
Cable television entrepreneur Bill Daniels donated the home to the city in 1998.
Daniels Fund CEO Linda Childears said Wednesday that with the economic downturn and the rising cost of higher education, the fund's board decided it made sense to convert the value of the property into scholarships.
City council has to approve any sale, and Cableland must be appraised.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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