I could see getting one or two really nice ones for performances and recitals, and the rest versatile but relatively inexpensive electronic pianos (like Roland) that play extremely realistically yet need virtually no maintenance. And it would come well under half that budget and the actual pianists would be more than satisfied.
So you would deprive the historically black students their magical instruments? What a black heart you have, sir!
Yeah - one or two Steinways for the concerts, and Yamaha acoustics, not electrics (NO way!), for the private lessons and practice rooms. That would be reasonable.