The Abraham Lincoln Presidential Library Foundation has revealed that $10million in debt may force it to sell some of its artifacts if it can’t pay off a decade-old loan.
In 2007, the foundation that supports the Abraham Lincoln Presidential Library and Museum paid $25million to acquire the Barry and Louise Taper Collection, an extensive collection of artifacts related to the 16th president.
The Barry and Louise Taper Collection includes a stovepipe hat Lincoln purportedly wore, bloodstained gloves he wore the night he was assassinated and an 1824 book containing the first known example of his handwriting.
The Abraham Lincoln Presidential Library Foundation has revealed that $10million in debt may force it to sell some of its artifacts, including a stovepipe hat (pictured) Lincoln purportedly wore, if it can’t pay off a decade-old loan
In 2007, the foundation that supports the Abraham Lincoln Presidential Library and Museum (pictured) paid $25million to acquire the Barry and Louise Taper Collection, an extensive collection of artifacts related to the 16th president
The foundation paid $25million and borrowed $23million. The note comes due in October 2019.
Since then, the foundation has paid down more than $13million of the outstanding debt exclusively through private fundraising.
‘We now face significant uncertainty about whether the foundation’s lender will be willing and able to refinance the loan at affordable terms,’ the foundation said in a statement.
Foundation officials have been in talks with Illinois Gov Bruce Rauner’s office about securing state money but they haven’t received any financial commitments, the foundation said in a news release.
The foundation plans to continue private fundraising and to discuss a plan that includes state funding, but without commitments ‘it will have no choice but to accelerate the possibility of selling these unique artifacts on the private market, which would likely remove them from public view forever’.
Rauner spokeswoman Patty Schuh called the museum ‘a jewel for the state’.
Foundation officials have been in talks with Illinois Gov Bruce Rauner’s office about securing state money but they haven’t received any financial commitments, the foundation said in a news release. Pictured (left) is a mold of Lincoln’s face at the museum
The Barry and Louise Taper Collection includes bloodstained gloves (pictured) he wore the night he was assassinated and an 1824 book containing the first known example of his handwriting
‘We are certainly working with the Abraham Lincoln Library Foundation as they work through their options,’ Schuh said. ‘We are listening to them and we are listening to their business plan.’
Rene Brethorst, the foundation’s chief operating officer, said they are ‘working hard to avoid’ sale of the Lincoln items.
The foundation also noted that in addition to private fundraising, the foundation has made three prior attempts to secure appropriations from the Illinois Legislature to help pay down the debt