Iowa State has the possibility of losing thousands of dollars should a university aircraft sell for less than originally paid for. 

The Cirrus SR-22 is estimated to be sold between $429,000 and $480,000, the Associated Press reported. According to a notice seeking a broker to handle the sale, Iowa State is willing to negotiate to have it sold within 90 days.

The 2011 Cirrus SR-22 was purchased in 2014 for $498,000.

Iowa State University President Steven Leath announced during a special meeting in December 2016 regarding an audit report to investigate Leath’s plane usage, that due to the fact that one of the three university pilots is retiring, the university will be selling the Cirrus SR-22.

Leath had announced in September that he would no longer fly university-owned aircraft after the Associated Press reported that he had been involved in a hard landing in 2015 that hadn’t been made public. The hard landing resulted in about $14,000 in damages. 

According to audit report findings, the president’s office and the greater university fund used the Cirrus SR-22, the plane damaged in the hard landing, 72 out of the 76 trips recorded by Iowa State.

Leath told reporters in December that he expected to make money or break even on the sale, according to the Associated Press, which also reported that Leath said the plane, purchased with donations, was a great bargain because the previous owners were Iowa State fans who wanted the school to have it. 

The Associated Press reported that brokers have until Wednesday to submit offers, which Iowa is expected to evaluate based on cost, among other things.