Pleasantview file photo

A cash offer for the Pleasantview Elementary building property was rejected by the Derby Board of Education on Monday.

A cash offer of $70,000 for the Pleasantview Elementary School property was rejected by the board of education Monday. The property sale will now be reopened to new offers.

The buyer, Mohammad Khan, previously made an offer of $129,000, saying he would find a use for the building instead of demolishing it. The board accepted that offer. After receiving four rejections from banks, Khan notified the district that he was unable to secure a loan for the purchase. Khan then made a cash offer of $70,000, which was presented to the board Monday.

“During the last month and a half, I have invested considerable time and money in anticipation of buying [the Pleasantview property] with good intention of keeping the structure intact,” Khan wrote in his letter to the board. “I am still excited about buying this property and will find a suitable use for it which will also preserve the local community.”

The original asking price for the property was $550,000. That price was lowered to $395,00 in April. The board accepted Khan’s offer of $129,000 in June. 

Board members unanimously agreed that Khan’s new cash offer wasn’t enough.

“I think that’s a little too low,” board president Justin Kippenberger said Monday. “I would make a motion that we do not approve this purchase.”

Kippenberger’s motion passed 6-0. The board will communicate the decision to Khan.

An interested party will be given a tour of the building Thursday.