THIS AUCTION HAS ENDED.
To Be Sold To The Highest Bidder Without Minimum or Reservation.
Sale #8 of 206 Properties in Lenoir City to be offered in 9 Sales
Auction to be conducted in Ballroom at Holiday Inn Express, 1112 Hwy. 321N, Lenoir City, TN
This property is located at intersection of Third Av. & I Street, Fourth Ave. between G Street & F Street, Lenoir City
- 8 of the 12 parcels are contiguous on Third Ave.
- Conveniently located with easy access to Broadway
- Ideal for residential development
- 2% Broker Participation Available (pre-registration required)
In 1889, Knoxville railroad magnate Charlges McClung McGhee and his friend and associate, Edward J. Sanford, formed the Lenoir City Company, believing the Lenoir estate would be the ideal location for a planned town. The company incorporated in April 1890 with $800,000 in stock, and purchased the Lenoir estate — which then consisted of 2,700 acres for $300 per acre. When the company issued the stock to the public, the investors each received stock in the company and a lot in the planned town.
Lenoir City was laid out in a grid pattern with four quadrants, west of Town Creek and north of the railroad tracks. The city’s northwest quadrant would be a middle class and affluent residential area, whereas the northeast quadrant would be for the city’s wage-workers. The southwest quadrant would contain blast furnaces, steel works, and other large factories, while the southeast quadrant would contain woodworking, furniture, and canning factories. Influenced by late 19th-century reform movements that stressed health and temperance, several lots were set aside for public parks, and a large garden area was planned between the railroad tracks and the river.
The Lenoir City Company struggled due to a recession that froze financial markets in the early 1890s. By 1892, the company had only sold 144 of the town’s 3,448 lots. McGhee and Sanford persisted, however, and while it never developed in the grand fashion conceived, Lenoir City nevertheless survived. McGhee convinced a rail car company to open a factory in Lenoir City, and a short time later a knitting mill was established. Both establishments still employed several hundred workers in 1910.
On March 21, Furrow Auction Company will sell at Absolute Auction, 206 of the remaining properties owned by the original Lenoir City Company. This collection of properties includes Individual Lots, Blocks of Lots and several Small Acreage Tracts. This once in a lifetime event provides the public with an opportunity to participate in an Absolute Auction with a chance to buy a part of Lenoir City History!
Terms: 10% Buyer’s Premium. Successful bidders will deposit 10% of the purchase price (including Buyer’s Premium) on sale day in the form of cash, certified check or wire, personal or company check. A real estate contract must be signed. Balance is due in certified funds at closing. CLOSING MUST TAKE PLACE WITHIN 20 DAYS OF SALE. NO EXTENSIONS. Sale day announcements control terms of auction. Acreage and square footage believed to be accurate, but not guaranteed. THIS PROPERTY SOLD IN IT’S “AS IS, WHERE IS WITH ALL FAULTS” CONDITION WITH NO WARRANTIES EITHER IMPLIED OR EXPRESS EXCEPT WARRANTY OF TITLE.
**All square footage and acreage amounts are believed to be accurate but not guaranteed. All information was obtained from appraisals and local courthouse records.**
Loudon County: $257.88 (approx.)
Lenoir City: $189.45 (approx.)
Buyer is responsible for pro-rated share of current year property taxes.
Any and all back/delinquent taxes will be paid by seller.