(WBIR - Knoxville, TN) The University of Tennessee's former president's house moved closer to a sale Thursday.
Back in 2010, two deadlines for sealed bids on the Cherokee Boulevard home passed without any offers. It was listed for more than $4 million. The university then decided to try a regular residential sale.
University officials confirmed Thursday to 10News that the Executive and Compensation Committee on the Board of Trustees approved the sale of the house for $2 million. The proposed sale must now go to the State Building Commission. If approved, the closing date will be on or before December 31st.
The 11,000-square-foot home sits on a nearly 3.5-acre lot along Fort Loudoun Lake. It has a tennis court, boat house, deck and garden.
The home was originally built in the 1930s by Dr. And Mrs. Walter Starnes Nash. Their daughter, Eva, and her husband, Ray Jenkins, later took up residence in the home and eventually entered into a gift purchase agreement with UT in 1960. The university's president, Andy Holt, moved into the home.
Over the years, four more presidents and two chancellors called the house home. Eventually, UT leaders decided to end the practice of using the home for a president's residence and move toward offering a housing stipend instead, which is now typical university practice across the country.