The Texas Tech University System revealed the price it paid for Bart Reagor’s historic Lubbock home for use as a chancellor’s residence in response to an open records request from LubbockLights.com.
Tech paid $3.5 million – which is $1.2 million more than the estimated market value.
LubbockLights.com broke the story of Tech’s purchase and on April 23 made the records request for the amount paid and the intended purpose.
In response on May 7, legal assistant Savannah Frisco wrote, “The only information we can provide regarding this matter is that Texas Tech University System purchased the property to be used for System purposes for $3,500,000.”
LubbockLights.com sifted through public records online and did find more insights, which we’ll describe below. Separately, the system published a press release saying the home would be used as a chancellor’s residence.
In April and May, Lubbock Lights reached out to numerous persons in the system by phone and email to offer them a chance to comment. So far, Tech has declined.
How we got here
Reagor is currently serving prison time for making a false statement to a bank. The West Texas network of dealerships he co-owned, Reagor Dykes Auto Group, collapsed into bankruptcy in 2018.
Reagor owned the O.W. English house at 2809 19th Street – sitting on four lots in the Tech Terrace Neighborhood across the street from the Tech campus. It had a taxable value (identical to the estimated market value) of $2.26 million, according to the Lubbock Central Appraisal District.
Lubbock Lights reached out to four companies that got left holding millions of dollars in debt after the RDAG bankruptcy. They did not respond.
Lubbock Lights also reached out to federal prosecutors who released a judgment lien on the house as the purchase was closing. The feds previously filed a lien seeking to recover more than $9 million from Reagor. We’ll provide an update if the U.S. Attorney’s Office for the Northern District of Texas responds.
The November regents meeting
The published agenda for the November 14 Board of Regents meeting did not list the home purchase in advance. The closest it came was to say, “The board will convene into executive session … to consider … deliberations regarding real property: The purchase, lease, exchange, or value of real property.”
After executive session (behind closed doors and not open to the public), the board by law could only approve something by coming back into public view for a vote.
That’s when Regent Dustin Womble said, “I move that the board authorize the chair of the finance committee and the system’s chief financial officer to conclude the negotiations and execute the necessary documents for a real property transaction involving the chancellor’s residence to be owned by the Texas Tech University System, all under the terms and conditions set forth in executive session.”
Regent Clay Cash seconded the motion, according to the official minutes of the meeting. The motion passed unanimously.
A home for Creighton
Brandon Creighton, who took the chancellor job officially on November 19, must live in the home.
The Lubbock Avalanche Journal reported on the terms of Creighton’s employment agreement with Tech in October – roughly six weeks after he was named the sole finalist to replace Tedd Mitchell.
“Should a property be secured, the chancellor will be required to live in the chancellor’s residence,” the A-J article said.
“All utilities, maintenance, and other costs associated with the maintenance of the house would be the responsibility of Texas Tech System,” said the article by Mateo Rosiles.
Board of Regents Chairman Cody Campbell said in a written statement, “A Chancellor’s residence is not simply a home – it’s a working resource that supports fundraising, recruitment and external engagement.”
“Plans are underway to partner with TTU System museums and heritage centers to thoughtfully curate the residence, highlighting the history, achievements and distinct identities of each system institution,” the same written statement said.
The purchase was financed, the system said, with no state-appropriated funds going into the acquisition.
