OPINION: With all the competing parties looking to make the dying gasps of the Art Institute as complicated as possible, it might be tough to find another.
There’s a fabulous property on the market with views of the Bay, a glorious rooftop, a century of history, and a one-of-a-kind mural worth an estimated $50 million.
Last week, Cushman & Wakefield, the commercial real estate firm, announced it had been hired to market the property. Most poignantly, some of the school’s last graduates have fruitlessly been seeking academic transcripts, which Mansdorf has said he can’t provide until he drums up money to pay a vendor who can get into a computer system where they’re stored.
That culminated in the UC Regents’ assumption of the Art Institute’s debt, taken on to finance a new campus at Fort Mason in 2020 for $19.7 million in exchange for the 800 Chestnut Street campus. That made the Art Institute the UC system’s tenant. The UC Regents are now among its creditors, with the Art Institute owing rent on its own building.
That’s where the Art Institute’s past might tie up its future. In 2021, the Rivera mural received landmark status, which would make removing it — believed to be possible, according to a statement from Kleiner, the bankruptcy lawyer — politically tricky.
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