As one of Denver’s first real estate barons, George W. Clayton owned vast amounts of land when he died in the 1899 without any heirs. His estate was transferred to the George W. Clayton Trust (“the Trust”), and from 1899 to 1984 the City of Denver (“the City”) was the Trustee of the Trust. One of the many parcels of real estate was the farmland that later became the Park Hill Golf Course (“PHGC”) in 1930. The Trust still owns the beautiful Clayton Early Learning Campus on the northwest corner of Martin Luther King Boulevard and Colorado Boulevard. In 1984, Clayton Early Learning replaced the City as Trustee of the Trust.
In 1989, the Trust and the City talked about the possibility of having the City purchase the PHGC land. These discussions resulted in the City including $2 million in a 1989 bond issue earmarked for the City to purchase the land. Nothing then happened until 1997 when, during the Wellington Webb administration and after a few years of further discussions between the Trust and the City about the Trust’s financial needs, the Trust and the City reached an agreement with the City whereby the Trust forever relinquished its development rights for the PHGC land. In this agreement, the City paid the Trust $2 million in exchange for the Trust granting a perpetual open space conservation easement to the City protecting the PHGC land foever from development. This easement was granted pursuant to the Colorado conservation easement statute.