University President Bob Bruininks purchased a condominium in downtown Minneapolis worth more than $1 million last week, but said he doesn't plan to retire anytime soon.

According to his contract with the University, "the President agrees to live at Eastcliff, the University's presidential residence" along the Mississippi River in St. Paul.

Bruininks and his wife, Susan Hagstrum, purchased a residence at The Carlyle Condos, located on Third Avenue in downtown Minneapolis. The purchase price was $1,054,716, according to documents filed in Hennepin County last Monday.

University spokesperson Dan Wolter said Bruininks plans to serve out the duration of his contract.

"The President and First Lady have opted to keep a home of their own as they are mindful that their time in Eastcliff will someday come to an end - and they would want a place of their own," Wolter said in an e-mail. "It's also a pretty good investment."

Bruininks and Hagstrum owned a home in Minnetonka until they sold it last year, Wolter said. The couple wanted to downsize.

In past interviews Bruininks said he would like to end his career as a professor. "I believe the best job at the U of M - the absolutely best job - is the job of a professor," he said. "There is nothing that matches the excitement of being a professor, engaging bright talented and curious students.

"I do plan that my last phase of my career will involve the same work I started my career with. I've held just about every leadership position in the 'U' - except the highest-paid ones that are in athletics," he said jokingly.

Built in 2006, The Carlyle Condos tower is 39 stories and located along the Mississippi River near St. Anthony Falls.

-Bryce Haugen contributed to this report.