Nearly 1,250 acres of scenic forested land along Walden's Ridge in Bledsoe County will be on the auction block Saturday.
The sale of the undeveloped land isn't being forced by any bank or lender. But landowner Randy Laine said he decided to sell it by auction with Gadsden, Ala., firm J.P. King Auction Co. to help attract buyers throughout the country. The land is in 19 lots around an 80-acre lake near Hendon, Tenn.
"With the Tennessee Department of Environment and Conservation deciding no new lakes will be built on the Cumberland Plateau, this property provides a shrinking opportunity to own frontage on a private lake," Mr. Laine said.
J. Craig King, president of the auction company, said more than 10,000 buyers have been invited to the sale.
"Everybody wants to be on the water, and having an 80-acre lake that they can be a part of makes this area very appealing," he said. "We're getting calls from Florida and up the Eastern Seaboard about this sale. But you never know where your final buyer is going to come from."
Eight parcels will be sold at absolute auction to the highest bidder, regardless of the final price, Mr. King said.
He said an auction quickly establishes the market value of a site by bringing motivated buyers to a sale.
"There's no question that the real estate market has been soft in the past year, but we're seeing some improvement," he said.
IF YOU GO
An auction for 19 tracts in a 1,250-acre site along Walden's Ridge in Bledsoe County will begin at 11 a.m. CST Saturday at City Hall in Dunlap, Tenn.