SANFORD-Renovation specialist Rami Yosefian plans to convert an abandoned, 78-year-old public school into an assisted-living facility on an estimated 50,000-sf parcel in this 40,000-residents city, about 15 miles north of Downtown Orlando.

Yosefian’s Sanford Properties Inc. bought the land from the Seminole County School Board for $250,000 or about $5 per sf. One appraisal put the dirt’s value at $435,000 or about $8.70 per sf. Yosefian was the only firm bidder at the public auction sale.

The school board paid $4,000 or $400 per lot for the land in 1922. The board spent another $34,000 to build the elementary school. Today that same school would cost $10 million to construct, according to school board estimators.

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