T.O.M. - I have zero doubt about your source hearing that rumor.
I'm sure the campuses at WP and Annapolis would be worth a lot to most normal people's way of thinking. They might be able to sold for, I dunno, $300k per acre? Assuming that lofty price could be achieved, the Naval academy would be worth $165mil. West Point $4.8bil. Call it $5bil combined, and that's a huge premium based on acreage, and if sold to developers they'd tear down most buildings. Maybe they're worth more given the development already done, but probably not much.
But even at $5bil, and remember that's a 1-time revenue bump, you can only sell it once, that's a round off error in the federal budget, even at 100x times that it's still borderline meaningless in the context of $36tril in national debt, and $2t annual deficits.