Tennessee's largest house has a new owner

Oct. 28, 2016: The largest house in Tennessee sold to a new owner this week, but the owner's name and how much the paid are not public yet.

KNOXVILLE - The largest house in the state of Tennessee and one of the biggest in the country has a new owner.

At this point, though, the name of the buyer isn’t public. Nor is the price tag.

On Wednesday, the Villa Collina, a monstrous waterfront mansion that spans 36,720 square feet, sold at auction.

Seven bidders from the region, including some from Knox County and Knoxville, submitted proposals in what was a “lively room for 45 minutes of bidding,” said Brad Pruitt, the COO of Signature Luxury Auctions, which oversaw the sale.

MORE: Tennessee's largest house up for auction

Pruitt said the night began with a charity auction and Dom Perignon. He said the bidders and buyer celebrated with more champagne after the auction closed.

Pruitt said the buyer is not from Knox County but is from the region. He told WBIR 10News the seller and the buyer have agreed to extend the closing of the sale until the end of January. At that point, the new owner's name will be made public.

Officials in the Knox County Register of Deeds Office on Thursday said no paperwork has been filed there.


GALLERY: See Inside Tennessee's largest house

“Moving out of a house this large isn’t a simple or quick process," Pruitt said. 

Wednesday’s auction had no limit and no reserve, but a prospective buyer could have skipped the auction and bought the house immediately for the listed price of $13.8 million.

To even place a bid, potential buyers had to put up a refundable $250,000 entry deposit. Pruitt said he was in the process Thursday of returning those deposits.

The Villa Collina on Lyons View Pike in Knoxville is the largest home in the state and the 87th largest home in the country.

The house features a total of 50 rooms, including eight bedrooms, 11 full bathrooms, five half-baths, and an indoor pool.

Construction on the house began in 1995 and concluded in 2000.  The original owners sold the property in 2011 for $8.5 million and included the furniture for an additional $1 million. 

The new owner will incur some massive annual tax payments.  Combined property taxes from the City of Knoxville and Knox County total around $102,000 a year.

Then there's the utility bill. KUB records show the average monthly electric bill is $4,577.  

(© 2016 WBIR)


JOIN THE CONVERSATION

To find out more about Facebook commenting please read the
Conversation Guidelines and FAQs

Leave a Comment