After Lee's death, his home remained in the possession of his family until July 9, 1940 when family members, including Mrs. Essie N. Lee, sold the property to the University of St. Thomas for $120,000. At the wishes of all heirs and executors, the college separated the payment into two parts: $6,000 in cash and the remaining $114,000 as a donation, guaranteed by a promissory note dated September 1, 1946, made payable to the William M. Rice Institute for the Advancement of Literature, Science and Art in Houston.