CLEVELAND, Tenn. - This morning's auction of 62.54 acres of property formerly known as Hardwick Field here fell nearly $750,000 short of the land's appraised value of $1.785 million, with Check Into Cash CEO Allan Jones taking most of the old airfield.
Jones took the lion's share of the property, which amounted to 57.34 acres and included the facility's runway and large maintenance hangar.
"I plan to use it for my muscle car collection," he said.
Dempsey Auction opened the bid for that parcel at $1.498 million, but after receiving no response initially, lowered the bidding price to $750,000. Jones made the sole offer on the tract.
City officials expressed displeasure with the auction's results.
"I'm disappointed in what we received for the property," City Manager Janice Casteel said.
The proceeds from the auction are earmarked for reimbursing the city for its $6 million investment in the new Cleveland Regional Jetport, she said.
The sale of the former Hardwick Field property will be subject to the approval of the Cleveland Municipal Airport Authority, state aviation officials and the Federal Aviation Administration.
For complete details, see tomorrow's Chattanooga Times Free Press.