Revenue also flows from the sale of memorabilia and merchandising with school logos.
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At a Dec. 23 press conference, Smith claimed the school first became aware of the memorabilia sales on Dec. 7.
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In August two of Cobain's early drawings--a cartoonish pencil sketch of Ronald Reagan done in a high school art class and a Christmas card created for his grandparents when he was 6--sold at a celebrity memorabilia auction in Monterey, Calif.
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