The school held fundraising efforts for years but ultimately did not raise enough money to keep its doors open or prevent bankruptcy.
tuition costs, filed for Chapter 7 bankruptcy last week. The move comes less than a year after the school graduated its final class.reported. This requires the school to give up its Russian Hill campus and liquidate all other assets.
SFAI announced in 2020 that due to financial shortfalls and declining enrollment, it would no longer be accepting new students. The University of San Francisco announced plans to acquire the art institute in February 2022, but the deal never came to fruition, and SFAI was forced to shut down last summer.
USF now claims it is owed $6 million from SFAI in costs related to examining acquisition options, according to the Chronicle. The school also owes $450,000 in unpaid rent at its main campus and $750,000 at its former Fort Mason campus, along with tens of thousands of dollars to various other creditors.
SFAI's most notable asset, a 1931 Diego Rivera mural painted on the wall of a gallery named after the artist, is valued at $50 million and was declared a city landmark in 2021 to prevent its possible sale. Supervisor Aaron Peskin intends to put the mural on public display, according to the Chronicle. SFAI's campus is in Peskin's district.
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