Royal Oaks Event facility, the adjacent wing approved for condominiums, retail and rental properties and 140 acres in Carter County are part of an auction Steve and Joyce Greene will hold for three days in November.
The auction will run Nov. 17, 18 and 19 and the Greene properties are valued between $6 million and $10 million, auctioneer David Alley said.
Steve Greene said all the Christmas parties scheduled at Royal Oaks Events Facility will happen. “If we close, it will be in December. All the parties will go on as planned,” he said.
Of the auction, Greene said, “It’s just to test waters. We may not sell any of it.”
Greene said he thinks the market is getting ripe for construction and what he really hopes to sell is the north wing of the events facility building that is currently vacant and approved for condominiums.
“A couple of years ago I got the North wing approved for seven condos from 1,600 to 2,200 square feet each. Because of the market and the way it was happening, I thought it wasn’t a good time to do condominiums,” he said.
Greene said there is a firewall separating the events facility from the building that would house the condos.
“I would like to sell,” Greene said. “I think the market is getting ripe for construction, and I’ve noticed a big improvement at Blount Title with closings, so it may be a good time for someone to take on that project,” he said. “All they would have to do is build the condos in the building. It’s something we wanted to try. We’ve got some debt on the building and so we wanted to sell that off and help reduce the debt. The event facility is doing great, so we’re not in any hurt or need. We were just going to sell the part we were not using.”
Greene said while discussing auctioning the condo portion of the building the auctioneer broached the idea of auctioning other properties.
“I decided to have an auction of the condo tract,” Greene said, “thinking that would be the best way to market and sell it. The auctioneer said why not put the other side up for auction to test the water to see what it would bring? Then we decided, we have other rental properties and vacant land, so we decided to do them together and reserve the right to confirm or not confirm the sale once we see what it does.”
Greene and law partner Joe Costner own two and a half acres of vacant property next to Aubrey’s Restaurant on West Lamar Alexander Parkway and the former Young’s Autobody property across from Aubrey’s. Greene and his wife, Joyce Greene, also own the England Stove Store and the Sport Cuts store on West Broadway Avenue, a 4,600 square foot home and warehouse on Old Niles Ferry Road and the former Henson School for Boys on Maryville Pike, as well as 140 acres in Carter County in the mountains going toward Johnson City.
Alley said that the first sale on Nov. 18 will be in Carter County in the morning and the property on Old Niles Ferry Road in the afternoon. “The next day will be the high-end commercial event where we sell the retail sites and finish that afternoon with the Royal Oaks Event Facility,” he said. “The last day will be the Henson Home for Boys on Maryville Pike. The way they’re doing this, each property stands on its one as an individual entity. It’s a tremendous broadcast we’re doing on a national scale.”
For information on the three-day auction, call 865-389-7361.