Academy of Art in SF is an awesome business scam where the owners turn student loans and international student tuition dollars into tax free real estate holding

Academy of Art in SF is an awesome business scam where the owners turn student loans and international student tuition dollars into tax free real estate holdings. "For those keeping track, Academy of Art University now owns 1.93 million square feet of space in 41 properties in San Francisco. This includes 22 academic and office properties and 19 residential buildings. The school owns everything from historic landmarks like the Cannery on Fisherman's Wharf to St. Brigid's Church on Van Ness to prime south financial district buildings like 79 and 180 New Montgomery St." http://www.bizjournals.com/sanfrancisco/blog/real-estate/2012/03/academy-of-art-adds-to-real-estate.html http://www.bizjournals.com/sanfrancisco/blog/real-estate/201... Google "art academy sf real estate" - there's articles like this going back to 2001.