In early 1791, the syndicate was unable to make the second payment on the preemptive right to the lands west of the Genesee River, comprising some , and the land reverted to Massachusetts on March 10, 1791. On March 12, Massachusetts agreed to sell these rights to Robert Morris for $333,333.33 (about $ today). Morris was a signatory of the Declaration of Independence and the United States Constitution, and was the major financier of the American Revolution. At the time, he was the richest man in America. Morris paid about 11 or 12 cents an acre for the land, or about $9,878 (£24,695) (about $ today). The land was conveyed to Morris in five deeds on May 11, 1791. On August 10, 1790, the syndicate sold the remaining lands of the Genesee tract directly to Morris, with the exception of about 47,000 acres retained by Phelps and Gorham. The deed was conveyed on November 18, 1790, and specified that the tract should contain 1 million acres, and any amount over that would require further payment.