May 04, 2010
The University of Tennessee has opened a second bid process for the purchase of the former residence of UT presidents and chancellors at 940 Cherokee Blvd. in Knoxville. Potential buyers have until June 18 to submit sealed bids to the state.
Friday was the deadline for the first sealed bid process, but no bids were submitted. The property was placed on the market March 5.
The UT Board of Trustees voted in October to commence the process to sell the property. The State Building Commission (SBC) also approved disposal of the property.
The property will be sold through a sealed bid process as required by state law. The highest offer must be approved by the UT Board, or its Executive and Compensation Committee, and the SBC before it can be accepted.