Thu February 6, 2014
Virginia's Natural Bridge Bought by Conservation Group
RICHMOND, Va. (AP) - Virginia's Natural Bridge has been sold by its private owner to a conservation group and is destined to become part of the state park system.
Under a deal sealed Thursday, Washington, D.C., real estate developer Angelo A. Puglisi sold the naturally formed, 90-foot-long limestone bridge and 1,500 surrounding acres for $8.6 million. He tossed in the bridge, valued at $21 million, and will receive tax credits in exchange.
The deal is a fraction of the attraction's estimated $40 million value.
The property includes 35 parcels, caverns, a 150-room hotel and cabins.
The 215-foot-high stone bridge was once owned by Thomas Jefferson and has been a centuries-old tourist attraction. It is located south of Lexington.