Published on October 14, 2026
City Council Statement with the Release of the Cubberley Appraisals
As noted in the Council’s October 5 statement, in 2024 the City and PAUSD entered negotiations to agree upon a fair price for the 7 acres of Cubberley buildings owned by PAUSD.
The City based its offer on 2024 property appraisals of $43.6-$60.2 million that it commissioned. The District countered with a valuation of $90 million based on the site's potential value to interested third-parties under long-term leases, including legally permitted uses for private schools. Following protracted negotiations, the City and the District ultimately agreed on a purchase price of $60.65 million (2024 dollars), equivalent to $65.5 million for a 2027 purchase date.
The City’s appraisals evaluated the value of its adjacent city-owned 8-acre Cubberley parcel and scaled that figure to estimate the value for the District’s 7-acre portion. The initial appraised value was $60.2 million. Because the wide range of comparable property valuations made this figure imprecise, City staff provided the appraiser with additional information, resulting in a second appraisal with a value of $43.6 million that aided in the City’s negotiating position.
Concurrently, PAUSD conveyed to the City representatives that two private schools contacted PAUSD expressing interest in the 7-acre property long term. Based on their existing lease rate for a smaller private school on the 7 acres, the District estimated that a long-term private school lease could generate up to $90 million over the next decade which was the valuation basis for their asking price.
Ultimately, the City and District agreed on a purchase price of $60.65 million in 2024 dollars, which escalates with inflation to a 2027 purchase price of $65.5 million.
View the Appraisals