DES MOINES, Iowa (AP) — Iowa’s state auditor says the pending sale of the University of Iowa’s AIB Campus for less than half its $20 million assessed value is fair.

State Auditor Rob Sand issued a report Wednesday. It says Iowa’s acceptance in May of a $7.5 million bid on the property was fair, because the $20 million assessed value was too high. The report says the proper bidding process was followed, the highest bidder was selected, and the bidders don’t appear to have any relationship with UI board members or staff that would pose a conflict of interest.

The university revealed last year that it had lost nearly $1.2 million from its operation of the business campus in Des Moines. Officials opted to close the campus due to cuts in state funding.