Businessman Steve A. “Toby” McKenzie on Thursday sold hundreds of acres of undeveloped land in Ooltewah and Cleveland, Tenn., at auctions for about $5.32 million.
Mr. McKenzie sold his remaining 51 lots that he had held in his Hampton Creek subdivision on Snow Hill Road in Ooltewah. The lots sold for about $1.32 million, said auctioneer Henry Glascock. The Hampton Creek auction was held Thursday evening at the subdivision’s clubhouse.
Mr. McKenzie and his banks will decide today whether to accept the Cleveland and Ooltewah bids, said Mr. Glascock, who handled both auctions.
Real estate investor Ilya Dyskin said he bought 29 lots in Hampton Creek. Many of his lots were bought for $16,000 apiece.
“I didn’t expect this low of a price,” Mr. Dyskin said.
Mr. Dyskin said he would decide what to do with the properties after Volkswagen announces whether it will build a car assembly plant in nearby Enterprise South.
Mr. Dyskin paid the least amount for lots in the subdivision, buying some for as low as $16,000. The highest price was $62,500.
Mr. McKenzie auctioned off a 595-acre parcel on Dalton Pike in Cleveland known as Maple Hill Farm. The sales price for its several tracts totaled about $4 million, Mr. Glascock said.