KNOXVILLE, Tenn. — UPDATE: The State Building Commission has accepted a $4.025 million bid by the Aslan Foundation for the Eugenia Williams mansion and grounds.
The commission's executive committee met Thursday in Nashville. Their authorization clears the way for the Knoxville foundation to acquire the house and ensure its preservation.
The home includes 24 acres along Fort Loudoun Lake and Lyons View Pike. The home at 4848 Lyons View Pike dates to 1940.
The state accepted sealed bids this summer for the home. Bids came in lower than the appraised price, according to the University of Tennessee system. Heiress Eugenia Williams had bequeathed the home to UT when she died in 1998.
"Five bids were received, with one withdrawn before the opening and one rejected as nonresponsive," according to the State Building Commission.
Aslan's bid was the highest submitted. The foundation created by the late lawyer and philanthropist Lindsay Young has stepped in several times to protect historic or valued properties.
"The University seeks approval to accept the highest offer as it will result in preservation of the house, meet the requirements of the court order, retain the natural beauty of the property as requested by the donor, and provide a significant financial return to fund an endowment that will serve as a memorial to Dr. David Hitt Williams, the father of the Eugenia Williams who donated the house," according to the Building Commission.
PREVIOUS STORY: The University of Tennessee announced Monday the proposed sale of the Eugenia Williams House to community benefactor the Aslan Foundation.
The 10,800-square-foot house off Lyons View Pike in West Knoxville was built in 1940 for Eugenia Williams, the daughter of a Knoxville doctor and heiress to a fortune in Coca Cola stock.
According to the university, the sale is pending approval by the State Building Commission Executive Subcommittee on Oct. 31.
Aslan made a $4.025 million bid for the property.
“The Aslan Foundation’s purchase of the Eugenia Williams House from the University of Tennessee aligns with the foundation’s mission of preserving beauty, advancing livability and supporting cultural assets in the Knoxville area,” said Andrea Bailey, executive director of the Aslan Foundation.
Bailey said historic preservation, in particular, is a key funding priority for the foundation and it's pleased to be a part of ensuring the building and its grounds are preserved for future public use and appreciation.
“The Eugenia Williams House is a regional and national treasure, containing important architectural elements and reflecting the role of one of Knoxville’s prominent families," Bailey said.
She also said the foundation plans to immediately evaluate and stabilize the house. It will also hire an architect to develop an historic preservation plan.
"Over the long term, we will work closely with the community to determine its highest and best use.”
Knox Heritage said it is very pleased that the Aslan Foundation may be taking ownership of the house and said it saved Historic Westwood, the Kingston Pike mansion that is now the headquarters of Knox Heritage.
"The Foundation’s commitment to preserving places of character in our community, such as Loghaven and Candorro, bodes well for the future of the Williams property," Knox Heritage Executive Director Todd Morgan said in a statement.
Aslan also has been a benefactor of Young-Williams Animal Center and efforts to preserve Great Smoky Mountains National Park.
It was created by the late Lindsay Young, a Knoxville attorney and philanthropist.
RELATED: UT requesting bids for Eugenia Williams House property, open houses scheduled for September
If the sale proceeds, Knox Heritage said it will hold a preservation easement on the house that will continue to protect the structure from demolition and inappropriate alterations.
"The University of Tennessee should be applauded for developing an effective solution that will honor Dr. Williams’ legacy through a scholarship program while protecting his daughter’s iconic home," Knox Heritage said.
In June, the university filed a cy pres court action to permit the sale of the property.
Following the court action, the university worked with the State of Tennessee Real Estate Asset Management (STREAM) office to solicit sealed bids for the purchase of property.
Bids were subject to a preservation easement on the house and Aslan Foundation submitted the strongest bid at $4.025 million for the property with provisions to preserve the house and retain the natural beauty of the property.
Proceeds from the sale will be directed to establish the UT Knoxville Promise Dr. David Hitt Williams Endowment, in honor of Williams’ father.
“We are excited to have a buyer that will not only preserve, but restore the home and property,” Interim UT President Randy Boyd said. “This is a win-win for our community and for lower-income students wanting to achieve their dream of attending UT.”
UT Promise is a last-dollar scholarship program that will guarantee free tuition and fees for students with a family household income of under $50,000 and after other financial aid is received (such as Pell Grants, HOPE Scholarship, or other institutional scholarships).
UT Promise will welcome its first class in the fall of 2020, and the scholarship program will include those students who were previously enrolled in college when the program begins in 2020.
