Report: RI-based sport institute under investigation bought Bald Head properties
PROVIDENCE, RI (AP) — A Rhode Island-based sport institute under investigation for how it spent taxpayer money reportedly bought nearly $3 million worth of resort property in North Carolina.
The Providence Journal reported Wednesday that the nonprofit Institute for International Sport bought two homes and four lots on Bald Head Island in 2004 and 2005.
The newspaper also reports the institute’s founder and chairman, Daniel Doyle Jr., bought nearly $1.4 million in property on the island under his name or that of his investment company beginning in February 2004.
Rhode Island state police are investigating how the institute spent a $575,000 state grant it got in 2007, and the organization owes the University of Rhode Island $380,000.
An institute spokeswoman has said the properties were bought as an investment. Doyle declined to comment.
(Copyright 2012 by The Associated Press. All Rights Reserved.)
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