upstate ny, Llibery, Ferndale area property

[Chaya Stern]

I purchased a 14 acre property ten years ago, and used it for our school as a temporary residence.  Then I rented it our at a great deal, which I found out was not a deal at all.  The place was destroyed completely.  I cannot sell it at the purchase price, and I don't know if I'm better off waiting until real estate in those parts appreciate, or should I sell at a steep loss?  Also, is it worthwhile contacting a contractor and have him rebuild the property and then share the property with him?

Please advise? Thanks