The University of Tennessee has approved an offer on the former president's home for half the original asking price.
UT's State Building Commission approved the sale of the home on Cherokee Boulevard back in 2009. UT listed the home for sale at more than $4 million dollars.
Two deadlines for sealed bids on the home passed without any offers in 2010. The university then decided to try a regular residential sale.
On Monday, the board approved an offer from Magnolia Trust to buy the house for $2 million dollars. That's less than the most recent appraisal of $2.1 million.
If the deal works out as planned, the sale is expected to close on or before December 31st.