The Coloradoan – BY TREVOR HUGHES • TrevorHughes@coloradoan.com • May 16, 2009
The head of CSU’s real estate office has been “separated” from his post and paid nearly $70,000 in severance after his bosses decided to reorganize the office.
Victor Holtorf left the Colorado State University Research Foundation’s real estate office on April 3. CSURF is a private, nonprofit entity that’s legally separate from but works to support the university.
According to CSURF, Holtorf received a $69,000 “settlement agreement” when he left. He earned $235,000 annually, said CSURF President Kathleen Henry.
Henry said the real estate office is being reorganized but declined to offer specifics about why Holtorf left. Because CSURF is not part of the university, it does not have to meet the same open-government requirements.
“Due to the present economic and political environment, as well as significant budgetary restraints, CSURF is in the process of reorganizing the real estate activities to more adequately respond to the present conditions and provide the most cost-effective and thoughtful stewardship of the real estate assets,” Henry said in an e-mail.
The CSURF real estate office has been put up for rent. Henry said the remaining office staff is moving to another university building where the main CSURF offices are.
If Holtorf had been a CSU employee, his salary would have made him one of the top 10 highest-paid employees, earning more than Vice President Joyce Berry or basketball coach Tim Miles.
Henry said CSURF owns approximately 65,000 acres of land (primarily three ranches), one office building, an apartment complex and several residential or commercial houses.
“Although we know property values overall have decreased over the last year, the June 30, 2008, audited financial statements (the latest audited statements) indicate the value of the properties at $19,094,000,” she said.