State approves sale of UT president's residence

KNOXVILLE, Tenn. (AP) -- The State Building Commission has approved the sale of the University of Tennessee's former president's residence for $2 million.

The Knoxville News Sentinel reports that the board's executive subcommittee accepted the offer on Monday in Nashville without much discussion on the matter.

The executive and compensation committee of UT's Board of Trustees voted to accept the offer earlier this month from Magnolia Trust, which includes Knoxville businessman Joe Fielden and members of his family.

The 11,000-square-foot residence sits on three acres on Fort Loudoun Lake with a tennis court and a boat house. The university has been trying to sell the residence for five years.

The State Building Commission had to approve the sale because it is below the building's appraised value of up to $2.5 million.

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