A New York-Based Company Has Purchased Virginia Intermont College In Bristol. U.S. Magis International Education Center Paid 3.3 Million Dollars For The School During An Auction At The Bristol Courthouse. The Group Plans To Renovate Buildings On The 132-Year Old Grounds Using Funds From China And Create A Liberal Arts School. The College Closed In May 2014 After Losing Its Accreditation Months Earlier.