SOLD – Absolute Real Estate & Personal Property Auction – Magnificent “McKinnon” Lakefront Estate

AUCTION LOCATION20366 Beals Chapel Rd, Lenoir City, TN 37772

AUCTION DATEOctober 8, 2016

AUCTION TIME 10:00 am

TIME ZONEEST

INSPECTION DATEThursday, October 6th

INSPECTION TIME9:00 am - 4:00 pm

CONTACTRob Strickland and Chuck Fisher 865.546.3206

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Auction Information

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PROPERTY DESCRIPTION
Born and raised in Tennessee, Ben McKinnon’s competitive spirit showed in everything he did. Known as “Big Red” due to his bright red hair, Ben was a decorated football player first at Grove High School in his hometown of Paris, TN and later at Vanderbilt University where he played defensive end while attending Engineering School.
Through the years Ben acquired a reputation for being a good negotiator and a sensible business man, and with his Vanderbilt University Engineering School degree in hand, he would later go on to start his own company – McKinnon Bridge Company – a major bridge construction company based in Franklin, TN, credited with construction of approximately 20 bridges spanning the Tennessee River. He is also a past president of the Tennessee Road Builders Association.
Over a period of three years, McKinnon utilized his engineering and construction expertise to craft this magnificent, 16000 sq. ft. Lakefront Estate, spanning over 50 acres on Ft. Loudon Lake, available at Absolute Auction on October 8th, 2016.

 Absolute Real Estate & Personal Property Auction

Magnificent “McKinnon” Lakefront Estate

16,000 sq.ft. Custom Home and 54 Acres

Sub-Divided into 8 Lakefront Tracts

20366 Beals Chapel Rd., Lenoir City, TN (Loudon County)

Saturday, October 8th, 10:00 am

(Personal Property Immediately Following Real Estate Auction, click HERE to view)

For your benefit, please view our (updated) FAQ document.


PROPERTY DETAILS
 16,000 sq. ft. Custom Home (located on Tract 3)
  • 5 Bedrooms
  • 6 Full Baths, 2 Half Baths
  • Main Level Master
  • Bonus/Play Room
  • 3 Car Garage
  • 2 Dumbwaiters
  • Cedar Shake Roof
  • Heated Granite Floors
  • All Wood Pella Windows Throughout, Installed in 2014
  • Solid Oak, 6 Panel Doors Throughout
  • Extensive Built-In Wood Cabinets
  • New Kitchen Cabinet Facings in 2014
  • Appliances
    • Wolf Double Stainless Steel Oven
    • Built-In Subzero Side by Side Refrigerator
    • Thermador Professional Gas Stove with 6 Burners and Stove Top Grill
    • Stainless Steel Vented Hood over Stove
    • Kitchenaid Dishwasher
    • Four Ice Makers in Home
    • All Appliances Serviced by Friedmans
    • New Kitchen Countertops in 2014
    • New Kitchen Floor in 2014
  • Six Fireplaces
  • Built-In Audio Sound System throughout Home
    • Independently Controlled Speakers Throughout Home
    • Denon Receiver & CD Player, Luxman Cassette Deck, Two Episode Amps
    • Built-in Thermostatically Controlled Cooling Fans
  • Concrete Terraces and Railing Overlooking Ft. Loudon Lake
  • Gated Entryway
  • Circular Driveway
  • Stamped Concrete Driveway
  • Caterpillar Auxiliary Generator for Emergency Power (Model 3208)
  • Lutron Lighting System
  • Ecowater Water Treatment/Filtration System
  • Sprinkler System
  • Two BEAM Central Vacuum Systems
  • ADT Secuirty System (not monitored)
  • 8 Indoor Heating/Cooling Units
  • 8 Outdoor Heating/Cooling Units
  • Heat/Air Units Preventive Maintenance & Filters Changed in March, June, September & December of 2015
  • 2 Gas Hot Water Heaters
    • Lochinvar 50 Gallon Installed in April 2015
    • Lochinvar 74 Gallon Installed in April 2015
  • Built in 1988 – 1992
  • Located on Tract 3
    • 198.18’ Frontage on Lake
    • Boat Dock
Two Barns on Property (located on Tract 1)
  • Barn One
    • 2,590 sq. ft.
    • 3 Stalls
    • Wash Room, Bath & Office
    • Concrete Floor
    • Two Large Doors
    • Unheated
  • Barn Two
    • 4,380 sq. ft.
    • 8 Stalls
    • Tack Room
    • Feed Room
    • Washer/Dryer Facilities
    • Bathroom
    • Concrete Floor
    • Heated
54.1 Acres (34.2 Above 813’ Contour at full pool), Sub-Divided Into 8 Tracts
  • Dockable (per TVA), Main Channel Location
  • Shoreline Protected with Approx. 3,000’ of Rock Rip Rap
  • 813' Contour represents the shoreline, when Ft. Loudon Lake is at its normal summertime level
  • 822' Contour represents the elevation (established by TVA) above which structures are permitted.  Only Water Use Facilities (i.e. docks) are permitted below the 822' contour.
  • Tract 1
    • 6.54 Acres Total
    • 4.54 Acres Above 813’ Contour
    • Improved with Two Barns
    • Approximately 243 Feet Frontage on Ft. Loudon Lake
  • Tract 2
    • 6.50 Acres Total
    • 5.50 Acres Above 813’ Contour
    • Two Small Sheds Located on Tract
    • Approximately 282 Feet Frontage on Ft. Loudon Lake
  • Tract 3
    • 6.06 Acres Total
    • 5.06 Acres Above 813’ Contour
    • Improved with 16,000 sf Custom Home
    • Boat Dock
    • Approximately 198.18 Feet Frontage on Ft. Loudon Lake
  • Tract 4
    • 10.03 Acres Total
    • 5.03 Acres Above 813’ Contour
    • Approximately 434.96 Feet Frontage on Ft. Loudon Lake
  • Tract 5
    • 14.77 Acres Total
    • 4.77 Acres Above 813’ Contour
    • Approximately 570.25 Feet Frontage on Ft. Loudon Lake
  • Tract 6
    • 5.1 Acres Total
    • 4.20 Acres Above 813’ Contour
    • Improved with Large Covered Boat House/Dock
    • Approximately 271.91 Feet Frontage on Ft. Loudon Lake
  • Tract 7R1
    • 3.0 Acres Total (all above 813' contour)
    • Approximately 407 Feet Frontage on Ft. Loudon Lake
  •  Tract 7R2
    • 2.1 Acres Total (all above 813’ contour)
    • Approximately 395 Feet Frontage on Ft. Loudon Lake

TERMS


6% Buyer’s Premium - Successful bidders will deposit 10% of the Purchase Price (including Buyer’s Premium) and is due Sale Day in the form of cash, cashier’s check, personal or company check plus a real estate sales contract must be signed. Balance is due in certified funds at closing.  Sale day announcements control terms of auction.  Acreage and square footage believed to be accurate, but not guaranteed.  THIS PROPERTY SOLD IN ITS "AS IS, WHERE IS WITH ALL FAULTS" CONDITION WITH NO WARRANTIES EITHER IMPLIED OR EXPRESS EXCEPT WARRANTY OF TITLE.
CLOSING MUST OCCUR WITHIN 20 DAYS OF SALE DATE. LAST AVAILABLE DAY TO CLOSE IS FRIDAY, OCTOBER 28TH.
NO EXTENSIONS AVAILABLE.


TO ALL AGENTS:

You must fill out a Form for each tract your client is interested in bidding on, unless they wish to bid on the entire Home and 54 acres.  A 2% commission (before the inclusion of the Buyer's Premium) will be paid if your client is the successful bidder and closes.

ZONING


A-2: Rural Residential (Loudon County)

UTILITIES

  • Electricity: Lenoir City Utilities Board
  • Water: Martel Utility District (Utility Water is available to all lots, however, home is currently utilizing a well)
  • Sewer: Not Available (septic systems will have to be installed)
  • Gas: Not Available

TAXES


Estimated Real Estate Taxes: Property is currently assessed as two tax parcels.
Annual Loudon County Real Estate Taxes:
  • Parcel 1: $9,325.10
  • Parcel 2: $2,169.10
Buyer is responsible for pro-rated share of current year property taxes.
Back/Delinquent Taxes will be paid by seller.
Property will not be assessed in multiple parcels until 2017. Current Loudon County tax rate for residential/agricultural land is $1.8587 per hundred.
Residential/agricultural property is taxed at 25% of assessed value. Example: Property assessed at $100,000. 25% of that total is $25,000. At the current tax rate, annual real estate taxes would be $464.67.

PROPERTY DOCUMENTS

SCHOOL INFORMATION


  • Highland Park Elementary
  • North Middle
  • Lenoir City High

DIRECTIONS
From the intersection of Pellissippi Parkway and Westand Dr., Travel west on Westland Dr. approx. 1.5 miles. Turn right onto Northshore Drive and travel approx. 8 miles until Northshore Drive ends at Beals Chapel Rd. Turn Left onto Beals Chapel Rd. and travel approx. 2.5 miles to entrance to property on right.

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