One of the nation's oldest black colleges is facing foreclosure next month, and an auction of assets is set for Sept. 4.

The Atlanta Journal-Constitution reports (http://bit.ly/Oxpe2z) that enrollment at Morris Brown College in Atlanta is down to about 50 students. In the past, the university has served more than 3,000 students.

Officials said the college is facing foreclosure after investors called $13 million worth of bonds tied to the college.

Former Atlanta City Councilman and Morris Brown graduate Derrick Boazman called the development "heartbreaking."

The school is planning a prayer vigil Saturday, where plans to move the school forward will be discussed.

Benjamin Harrison is a spokesman for the 6th District African Methodist Episcopal Church, which oversees the school. He says officials will talk about reorganizing and restructuring as well as finances.

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Information from: The Atlanta Journal-Constitution, http://www.ajc.com