KNOXVILLE, Tenn. — The State Building Commission approved the sale of the Eugenia Williams mansion Thursday to open up the opportunity for potential buyers to schedule visits to the 10,000-square-foot boarded up, lakefront house at 4848 Lyons View Pike that has been empty for decades.
The University of Tennessee, working with the State of Tennessee Real Estate Asset Management office, is now requesting sealed bids for the purchase of the property and improvements.
Open houses will be held on Sept. 5 and Sept. 12 from 10 a.m. to 2 p.m. both days but you must schedule an appointment.
According to the university, those interested in viewing the property must call the STREAM office at (844) 660-8100 before the open house.
The state said it will accept sealed bids until 2:30 p.m. EST on Sept. 26, 2019. Terms of Offering Sale will be by sealed bid method. Late bids will be returned unopened.
The bid must include a security deposit by cashier’s check, in the amount of five percent of the total bid, payable to the State of Tennessee, according to the university.
Williams built the house around 1940. She moved out in 1983. She spent her last years at the old St. Mary's hospital in North Knoxville.
Born at the start of the 20th century, Williams died in 1998.
Last month, Chancellor John Weaver approved an order at the University of Tennessee's request. UT tried for years to find an affordable use for it after Williams, an heiress whose wealth included Coca-Cola stock, bequeathed it.
The initial order, signed on July 24, contained several conditions.
The 24-acre property can be split into no more than two parcels. The initial order also said the buyer was free to destroy the decaying house and rebuild on-site, according to Weaver.
The sealed bids, though, are subject to a preservation easement on the house and a court-ordered deed restriction. The state can refuse or reject any bids it receives, and UT interim president Randy Boyd said the easement will provide some protections to ensure the buyer preserves the historic home.
“We believe that requiring a preservation easement helps provide some safeguards to keep the property preserved. I remain hopeful this bidding process will bring forth an enthusiastic preservationist to restore this unique property in our community,” he said.
Sale of the property will go toward scholarships to help needy students, UT has pledged.
