Gatlinburg resort part of auction package

(knoxnews.com 3/22/10)  The River Terrace Resort and Convention Center, in Gatlinburg, is being auctioned.

According to a news release, the 205-room resort, at 240 River Road, is being auctioned by Carlton Exchange. Scott Stay, an asset manager with the Carlton Group, said last week that the property had a previous list price of $5.8 million, but the seller will entertain offers as low as 50 percent of the prior list price. (According to the Scope’s fuzzy math, that would be an offer of $2.9 million.)

Stay indicated the resort is part of a portfolio in which multiple assets owned by one seller are being auctioned. The properties can be sold individually, and Stay said the process is a “live-auction” bid. “At any time someone could make a bid,” he said. “Within 48 hours that bid will be considered and you’ll get a response.”

For more details, check out Carlton’s web site www.carltonexchange.com.

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