KNOXVILLE, Tenn. (AP) -- The University of Tennessee is planning to sell its former president's residence for $2 million.
The Knoxville News Sentinel reports that the executive and compensation committee of UT's Board of Trustees voted to accept the offer from Magnolia Trust, which includes Knoxville businessman Joe Fielden and members of his family.
The 11,000-square-foot residence sits on three acres on Fort Loudoun Lake with a tennis court and a boat house. The university has been trying to sell the residence for five years.
The State Building Commission would have to approve the sale because it is below the building's appraised value of up to $2.5 million. UT Chief Financial Officer Charles "Butch" Peccolo said the buyers plan to invest a "substantial amount of money" to renovate the property for residential use.