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Mountain forest land sells at auction for $2,227,500 in J.P. King auction

MONTEAGLE, TN (April 17, 2006) – Approximately 1,935 acres of mountain property off Interstate 24 near University of the South at Sewanee sold at auction for $2,227,500 Saturday April 15, with J.P. King managing the sale.

Seller Vernon Barnett said he was pleased with the outcome.
 
“I believed from the outset that an absolute auction was what was going to be needed to get the right buyers there. The price came in right at my expectation,” said Barnett.
 
Purchasing the land was Mike Cardin, of Cardin Forest Products, South Pittsburg, Tenn. Cardin, who owns adjacent land, said he plans to use the property for his family’s recreation while letting the timber continue to mature.
 
Eleven registered bidders were among the crowd of 70 people that gathered at the Smokehouse Restaurant in Monteagle for the sale. Bidders first competed for the land in parcels, but Cardin purchased it as an entirety.


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