Price of former UT presidential home cut by $2M

Price of former UT presidential home cut by $2M

Posted:
The house is at 940 Cherokee Boulevard. The house is at 940 Cherokee Boulevard.

KNOXVILLE (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.

Any bids on the property have to be approved by the UT Board of Trustees and the State Building Commission.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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