A Chattanooga businessman's so-called "divorce auction" of 60 different properties this week garnered more than $7 million.
The figure does not include the One Park Place building that serves as the home office for business owner Emerson E. Russell's company ERMC, said Henry Glascock of the Henry B. Glascock Co. That 57,000-square-foot Lee Highway building with adjacent parking is expected to be marketed starting next week for about $5.5 million, he said.
Otherwise, Glascock said, the auction sold over 60 percent of the single-family homes, commercial property and vintage cars that were on the block. He said the two-day auction drew more than 400 registered bidders.
"We had tremendous interest," Glascock said, adding that the event disposed of "a big portion of his portfolio. He's able to move on and get a lot of this behind him."
Russell said he was "extremely happy" with the auction's results. While the headquarters building didn't sell, a lot of people are looking at it. The Lee Highway offices were originally built in 1984 as the corporate headquarters for CBL & Associates Properties Inc., and were acquired by a limited partnership owned by Russell for $4 million in 2002.
Glascock said that among key properties which did sell during the auction was a 25-acre campground off Battlefield Parkway and Interstate 75 for more than $3 million. The campground, which Russell bought a year and a half ago, includes more than 80 camping spaces, primarily oriented toward recreational vehicles and camper trailers.
During this week's auction, a former bank building on Ringgold Road and a 35,000-square-foot warehouse on East 38th Street each sold for more than $600,000, he said. Additionally, 20 vintage autos were auctioned off, Glascock said.
The remaining inventory will be marketed on a piece-by-piece basis, he said.
"He's moving on," Glascock said of Russell. "We're just thrilled we had the turnout and reception we did."
Russell said he still plans a shift late this year to Highway 153 for the headquarters of ERMC, which employs more than 5,000 people nationwide who provide security, maintenance, janitorial and landscaping to businesses. The company, employing about 400 people in Chattanooga, is moving into former Miller-Motte College space off Shallowford Road in December, he said.
In addition, Russell is teaming with Chattanooga auto dealer Joe Prebul and an Atlanta man to open CarExpress at the Highway 153 location. That no-haggle used car dealership based on the CarMax model is slated to open in October, he said.
Russell, 2016's Chattanooga area manager of the year, put the items up for auction on Monday and Tuesday as he tries to "simplify his life," said Glascock.
"The divorce was finalized. He's in a transition stage. The time was just right," said Glascock, whose company handled the auction of the properties located in Hamilton, Walker and Catoosa counties.
Contact Mike Pare at mpare@timesfreepress.com or 423-757-6318.