UT to sell vacant president’s residence for $2M

UT to sell vacant president's residence for $2M (Image 1)
UT to sell vacant president's residence for $2M (Image 1)

KNOXVILLE, Tenn. (AP) – The University of Tennessee is planning to sell its former president's residence for $2 million.

The Knoxville News Sentinel reports that the executive and compensation committee of UT's Board of Trustees voted to accept the offer from Magnolia Trust, which includes Knoxville businessman Joe Fielden and members of his family.

The 11,000-square-foot residence sits on three acres on Fort Loudoun Lake with a tennis court and a boat house.

The university has been trying to sell the residence for five years.

The State Building Commission would have to approve the sale because it is below the building's appraised value of up to $2.5 million. UT Chief Financial Officer Charles “Butch” Peccolo said the buyers plan to invest a “substantial amount of money” to renovate the property for residential use.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s