Allan Affeldt and his wife Tina Mion bought the property from Santa Fe Railway in the 1990s and spent an estimated $12 million to restore the hotel.
They said in a statement that they are delighted to work with the NAU Foundation as successor trustee of their estate. They say they want it to benefit future generations of students, scholars and the traveling public.
La Posada and its associated properties are valued at $10 million.
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