Arrowmont arts school property being sold

6:48 PM, Jan 16, 2013   |    comments
Arrowmont School of Arts and Crafts
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The land that's home to the Arrowmont School of  Arts and Crafts in Gatlinburg is being sold, however, the school doesn't have to move out anytime soon.

The Pi Beta Phi fraternity owns the land.  They've been in negotiations with officials from Arrowmont since August to sell the land directly to the school, but the school was unable to pay the $8 million asking price.

The fraternity sold the land to a third party, whose identity has not been released.  Pi Beta Phi says the buyer approached them with a much higher asking price than the $8 million they offered to Arrowmont.

Arrowmont has a lease running through 2015 and there is a lease to Sevier County for Pi Beta Phi elementary school which runs through 2030.  Both leases will remain intact for now, and fraternity officials say the interested buyer has agreed to negotiate with Arrowmont to accommodate its desire to remain in Gatlinburg.

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