UMass system president purchased $975K waterfront condo

Meehan says he had an apartment in Boston and felt he was throwing money away

University of Massachusetts President Martin Meehan

BOSTON (AP) — The president of the University of Massachusetts system has purchased a waterfront condominium overlooking Boston Harbor for $975,000.

The Sun reports that Marty Meehan closed on the condo at Boston Harbor Towers on Oct. 25. The 31-story towers are next to the New England Aquarium.

Meehan’s predecessor, Robert Caret, made headlines when he sold a nearby property for a $420,000 profit — all while collecting a $60,000 annual housing allowance.

Meehan receives the same stipend.

Meehan says he bought the condo because he was renting an apartment and felt he was throwing money away. He’s already moved into the unit and plans to use it to entertain prospective UMass donors.

In addition to the condo, Meehan has a home in Andover and recently built an oceanfront vacation home in New Hampshire.
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Information from: The (Lowell, Mass.) Sun, http://www.lowellsun.com