Jun 13, 2026
Raj Bhakta has worn a lot of hats over the years: reality TV contestant, congressional candidate, whiskey entrepreneur and outspoken critic of higher education.
Now he’s adding another unusual chapter to that resume.
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Bhakta, who once argued that American colleges leave students “brainwashed with communist and wokeist ideology,” bought Vermont’s shuttered Green Mountain College campus for less than $5 million in 2020 with plans to transform it into a resort, distillery and hospitality complex, according to the Wall Street journal.
Six years later, those plans have fizzled and he’s now trying to give the 115-acre property away.
The campus that became too expensive to save
Green Mountain College closed in 2019 amid financial troubles, becoming one of hundreds of higher-education institutions to shut their doors in recent decades as enrollment pressures mounted nationwide. Nearly 300 colleges and universities closed between 2008 and 2023, according to data compiled by The Hechinger Report.
Bhakta saw opportunity where others saw a stranded asset.
The former Apprentice contestant purchased the Poultney, Vermont, campus at auction in 2020 for roughly $4.55 million — about a 77% discount from its reported $20 million appraisal a few years earlier.
His proposal was ambitious: a destination resort featuring 93 hotel rooms, 18 condominiums, a microdistillery, restaurant, spa and tasting rooms built into the former college facilities. At one point, local officials and residents hoped the redevelopment would replace the economic activity lost when the school closed.
“People who don’t have a lot of means often search for a hero figure,” James Johnson, owner of a local bike shop, told the Wall Street Journal. Johnson says he believes 90% of the town wanted to support Bhakta at the start.
But the project became bogged down in permitting and regulatory reviews. Bhakta ultimately abandoned the redevelopment effort, saying Vermont’s approval process made the vision impossible to execute. Earlier this year, he announced plans to leave the state and either donate the campus to a Christian organization or sell it if no suitable recipient emerges.
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The proposed recipient would need deep pockets. According to Bhakta, maintaining the property and addressing deferred maintenance could cost roughly $1.5 million annually.
Moneywise reached out to Bhakta for comment on his decision to donate the campus but did not hear back in time for publication.
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When billion-dollar visions collide with reality
Bhakta’s failed college-campus revival is one of many billion-dollar visions that didn’t go as planned. As colleges, malls, resorts and industrial properties change hands, entrepreneurs often acquire distressed real estate with grand plans to reinvent it. The challenge is that buying a property is usually the easy part.
Experts who track campus closures say former colleges are notoriously difficult to repurpose because they’re often located in rural areas, require expensive maintenance and face zoning restrictions that limit alternative uses. While some campuses find second lives as housing developments, K-12 schools or rehabilitation centers, many remain vacant for years after closing.
The same dynamic can play out on a much larger scale.
For example, the luxury resort project backed by Jared Kushner’s investment firm in Albania is a development that would transform environmentally sensitive coastal land and the once military-controlled island of Sazan into a high-end tourism destination. Supporters say it could bring jobs and investment, while critics argue it threatens protected habitats and undeveloped coastline. Thousands of protesters recently demonstrated against the project, citing concerns about biodiversity and environmental damage.
Whether it’s a vacant Vermont college or a Mediterranean island, the underlying calculation is often the same: investors see overlooked property and imagine a transformative second act.
But as Bhakta discovered, vision and acquisition costs are only the beginning. Permitting battles, maintenance expenses, community opposition and shifting economic realities can turn even the most ambitious redevelopment plans into expensive lessons.
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Clay Halton is an associate editor at Money.ca, covering a wide range of consumer-focused financial stories. He has over eight years of experience in digital publishing and has written and edited for outlets including PCMag and Investopedia.
