UT offered $2 million for former presidential mansion

UT offered $2 million for former presidential mansion

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

KNOXVILLE (WATE) - A local family may soon reside in the Sequoyah Hills mansion that was once home to five University of Tennessee presidents and chancellors.

According to realtor Jim Ford, Magnolia Trust has offered the university $2 million in cash to purchase the mansion, located at 940 Cherokee Boulevard, on behalf of a local family who would live in the home.

The price of the 11,400-square-foot Georgian-style mansion was cut from $5 million to $2.9 million in March 2011, a year after it first went on the market in a cost-cutting move.

The executive committee of the UT Board of Trustees will meet Sept. 5 in Nashville to approve the sale.

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