March 05, 2010
KNOXVILLE -- The University of Tennessee's former residence for presidents and chancellors was placed on the market today, and a realtor has been chosen to help sell the property.
The UT Board of Trustees voted in October to commence the process to sell the property located at 940 Cherokee Blvd. The State Building Commission (SBC) also has approved disposal of the property.
Jim Ford of Coldwell Banker in Knoxville was chosen as the realtor in a competitive request-for-proposals process conducted by the state.
The property will be sold through a sealed bid process as required by state law. Prospective buyers have until April 30 to submit their bids to the state. The highest offer must be approved by the Board, or its Executive and Compensation Committee, and the SBC before it can be accepted.
The Georgian-style brick residence is located in the Sequoyah Hills neighborhood along Fort Loudoun Lake. Specifications include 11,416+/- square feet on a 3.4+/-acre lot with a tennis court, boat house, deck and garden.
The home was originally built in the early 1930s by Dr. and Mrs. Walter Starnes Nash. Their daughter, Eva, and her husband, Ray Jenkins, eventually lived in the house and entered into a gift purchase agreement with the University in 1960. UT President Andy Holt moved into the home that year. Since then, five UT presidents and chancellors have lived in the house.
In 2007, the Board of Trustees began discussing ending the practice of providing housing for senior administrators, including chancellors and the president. The University will retain the proceeds from the sale of the property and save costs associated with its maintenance.
Gina Stafford, (865) 974-0741, email@example.com
Elizabeth Davis, (865) 974-5179, firstname.lastname@example.org