Amherst College Sells California Land for $58M

Amherst College has reaped about $58 million by selling a slice of California shoreline four decades after receiving the land as a gift. Investor Roger Holden, a member of the class of 1919 who left Amherst during World War I, named the Massachusetts college the beneficiary of a trust that controlled a beach in San Clemente, about 60 miles from Los Angeles and 5 miles from Richard Nixon's so-called Western White House.