Former UT President’s House Now More Affordable ($2.9M instead of $5M)

KNOXVILLE, Tenn. (AP) — University of Tennessee officials hope slashing the price of an historic mansion that was once home to several UT presidents will make it more palatable for purchase.
The price of the 11,400-square-foot Georgian-style mansion was cut from $5 million to $2.9 million in March, a year after it first went on the market in a cost-cutting move.
UT is spending $25,000 per year to maintain it and paying newly-hired president Joe DiPietro a $20,000 allowance in lieu of living there.
Real estate agent Jim Ford told The Knoxville News Sentinel he hopes the mansion is “going to sell to somebody wanting to buy a piece of history.”
Any bids on the property have to be approved by the UT Board of Trustees and the State Building Commission.

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