MILLERSBURG, Ky. (AP) – Kentucky’s only military school, Forest Hill Military Academy, is in default on loans and is scheduled to be auctioned at a master commissioner’s sale on Oct. 1.
Media outlets report a judge recently ruled against the owner, U.S. Army Cadet Corps, and ordered the property be sold to pay the lender, Farmers Deposit Bank. The bank had filed suit against Cadet Corps seeking $535,188 plus interest. Court records say the Cadet Corps had two loans totaling $1 million borrowed from the bank. An affidavit says the school has not made payments since August 2014.
Headmaster Jay Whitehead says he hopes to find an investor to buy the property at the commissioner’s sale.
The school was founded in 1893 by Col. C.M. Best, but has recently struggled to make ends meet.
Copyright 2015 The Associated Press.