(File Photo: Trevor T. Trujillo, Townsquare Media)

A lawsuit is postponing plans by both the University of Wyoming Foundation and the Colorado State University Foundation to sell a ranch they jointly own in southeast Wyoming.

The foundations announced the postponement Friday, saying the lawsuit could affect the marketability of the Y Cross Ranch.  Unsealing of the bids on the ranch had been scheduled for Nov. 13 and now will wait until the lawsuit’s resolution.

Denver philanthropist Amy Davis sued last month.  The Y Cross had belonged to Davis’ family before she donated it to the foundations in 1997.

Davis wants a court to rescind the gift agreement and establish a trust to ensure that the ranch is used for agriculture education.  Foundation officials say the ranch wasn’t a practical place for learning and say the sale would fund agriculture scholarships.