The University of Central Arkansas Board of Trustees held a teleconference Wednesday afternoon to approve the sale of property. 

The university received bids recently for five tracts of land, known as the Crow Farm, located in Elaine. The board approved the highest bids for each of the five tracts totaling $2.5 million. The board authorized the administration in November to solicit bids for the farmland. The bids were opened Dec. 8.  

The money from the sale of the Crow Farm will be used to endow scholarships.

Also, the board authorized the administration to appraise 40 acres in southern Pulaski County and advertise solicit bids and sale of the property. The property, located on Woodson Lateral Road, was a gift to the university.