Posted Jun 18, 2013 03:28 pm CDT
New York University has loaned money to some of its star professors—including law faculty—to buy expensive vacation homes in places such as East Hampton, Fire Island and Litchfield County, Conn.
University spokesman John Beckman confirmed such loans in an interview with the New York Times, but said they represent only a small fraction of the loans given by the school and related foundations. According to the newspaper, educational experts view vacation-home loans as “a bold new frontier for lavish university compensation.”
Among those who received loans for vacation homes is Richard Revesz, who until recently was dean of the law school. He and his wife, an NYU law professor, were able to purchase a home on 65 acres in Litchfield County with the help of an NYU loan.
University president John Sexton also has a university-financed vacation home purchased in 1994 when he was dean of the law school. According to the Times, it is “an elegant modern beach house that extends across three lots” on Fire Island.