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No Bids Received for Purchase of President's Residence in Knoxville

June 18, 2010

KNOXVILLE--Today was the deadline for prospective buyers to submit bids to the state for the University of Tennessee property at 940 Cherokee Blvd. in Knoxville.

No bids were submitted.

The University next will determine whether to reopen the bid process a third time. A timeline for that decision has not yet been made.

The University's former residence for presidents and chancellors 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 University has been using 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.

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Contact:

Gina Stafford, (865) 974-0741, stafford@tennessee.edu