Ole Miss purchases Dickie Scruggs’ former house for $10M

OXFORD - The University of Mississippi has purchased the former home of Dickie and Diane Scruggs for $10 million.

The Mississippi Institutions of Higher Learning (IHL) approved the university’s request to enter the purchase contract during a board meeting on April 18. According to the minutes from that meeting, the property was appraised twice, once at $17.66 million and then at $17. 93 million. The average of the two appraisals is $17.79 million.

The nearly $8 million discount represents an in-kind contribution to the university from the Scruggses.

“This property offers a rare opportunity to acquire nearly 10 acres bordering our campus and the grounds of Rowan Oak,” Jacob Batte, Ole Miss’ director of news and media relations, said in a statement. “While it remains to be determined how the university will use the property, this acquisition will be an important addition to America’s most beautiful college campus.”

There were no stipulations in the purchase agreement as to how the university could use the property, Batte said.

The IHL also approved the university’s recommendation to name the home “The Scruggs Home at Ole Miss” in appreciation for Diane and Dickie Scruggs’ generosity.

The property accounts for about 9.65 acres of land at 700 Faulkner Woods Place in Oxford, according to the IHL meeting minutes.

“The property includes acreage, residential dwelling, gym, guest house, and attached garage … (and) other assets such as an in-ground swimming pool, site security and surveillance systems, ornate grounds, landscaping and decorative work, and such notable considerations that will remain with the residence,” the meeting minutes read. “The combined square footage of the structures is 10,176 square feet.”

The property adjoins the university’s southeastern corner and borders the Bailey’s Woods and Rowan Oak properties on their southern boundaries. Bailey’s Woods and Rowan Oak are both owned by Ole Miss as well.