NC State University will not be selling Hofmann Forest, for now. The two firms that had agreed to buy the 79,000-acre research forest near Jacksonville could not meet its financial obligations to buy the property.
The two firms, Resource Management Service and Hoffman Forest, LLC, had agreed to pay $131 million to buy Hofmann Forest. But they ran into financial problems almost immediately after entering into the agreement with NC State.
While this contract has terminated, that doesn’t mean Hofmann Forest won’t be sold in the future.