Home of convicted Ponzi schemer to be auctioned

By: Sara Shookman Email
By: Sara Shookman Email

GATLINBURG, Tenn. (WVLT) -- In the market for a foreclosure? The former home of disgraced investor Dennis Bolze is up for auction Saturday.

"He's kind of a notorious quote unquote, investor," said project manager Chuck Fisher.

But now he's in federal lock-up and the 14,000 sqaure foot home is up for auction. Bolze was sentenced to 27 years after pleading guilty to wire fraud and money laundering charges.

His Ponzi scheme netted over $21 million, funding his life of luxury.

"It's absolutely gorgeous. I mean wow-wee. What else can you say?" said Betsy Boyers, who owns a timeshare nearby.

Boyers says they've noticed the estate since it was first built in 2006. "We're like 'wow!' at first I thought, it was a hotel actually. Then we learned it's somebody's house."

Now she and dozens of others get a look inside. "What's not to like? It's so unusual, but not unusual to the point that it's not likeable," she said.

"My husband said he could definitely sit on the balcony and watch the world go by," said Jamie Dawson, who drove to see it from Knoxville.

The house boasts four bedrooms, dozens of custom built-ins, and lots a Vol fan would love -- even a Power T in the kitchen. And then there's outside.

"The view is spectacular. I don't know that there's any residential property anywhere in East Tennessee that commands a view like this one does," said . 37

The property is estimated at over 16 million dollars but whoever buys tomorrow is likely to get a bargin.

"Nobody really knows what its worth. That's why the bank hired us. We will find out tomorrow when folks show up at the Convention Center and bid," said Fisher, who works for Furrow Auction Company.

There's no minimum bid, but the final sale price will determine how much federal bankruptcy court can recover.

"Depends on what it brings if there is anything left for the other investors," said Fisher.

The auction begins at 11 a.m. at the Gatlinburg Convention Center. It's also the last chance to look around inside. Shuttles will run from the convention center to and from the home. For more information, click on the link above.

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