Burlington College, a tiny Vermont liberal arts school once led by Jane Sanders, the wife of presidential candidate Bernie Sanders, said it is shutting down because of financial problems associated with a property acquisition she oversaw.

In a formal statement announcing its closure, the school cited the “crushing weight” of debt it took on in a 2010 purchase of more than 30 acres from the local Catholic archdiocese. Mrs. Sanders was the college’s president at the time of the $10 million deal.

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