Thu
Jun 5 2008
01:52 pm
Former South Knox High sold for $117,700
By: Opinari

Since I am a former resident of South Knoxville, and a former student at South Middle School, I read this news today with interest:

Today, the dilapidated former South Knox High School sold at public auction to buyer Bahman Kasraei for a total of $117,700.

For Kasraei - a former South Knoxvillian who said he owns several single-family homes in the Knoxville area - the purchase was an impulse buy.

He said he was driving by, saw the auction sign and made an almost immediate decision to jump into the bidding. Kasraei said he thinks the school is in an ideal location for conversion into condominiums.

Blech. Condominiums. I was hoping somehow the building would be preserved, although I haven't physically seen it in over a decade, so I don't even know if it is worth preserving anymore.

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Up Goose Creek's picture

Conversion

Submitted by Up Goose Creek on Fri, 2008/06/06 - 6:19pm.

To me, conversion means conservation. If he just wanted 4 acres of condo land he could get it a lot cheaper than 117K + 200K demolition cost.

I wish him luck on this venture.

____________________________________
Less is the new More - Karrie Jacobs

Rachel's picture

To me, conversion means

Submitted by Rachel on Fri, 2008/06/06 - 6:28pm.

To me, conversion means conservation. If he just wanted 4 acres of condo land he could get it a lot cheaper than 117K + 200K demolition cost.

Yup. And feasibility studies and past efforts basically show that a condo conversion was the only economically feasible way of saving the building.

I have some misgivings about this guy just because I never heard of him, and the "I was just driving by and decided to bid on it" thing sounded weird. OTOH, he may be the best thing that ever happened to the building.

He has to file a plan for the building with Commission before the sale goes through. If that looks ok, then I wish him nothing but the best.

Sandra Clark's picture

Technically

Submitted by Sandra Clark on Sat, 2008/06/07 - 11:14am.

The building ain't worth saving ...

It sold for $107,000 -- the additional amount reported elsewhere was a buyer's premium that stays with the auctioneer. Knox County will get $107,000.

It's on 2.2 acres with zero parking -- the two giant trees in a spot of grass are worth more than the building. They will, of course, be cut to provide parking.

As I see it, only codes enforcement stops Kasraei from loading it up with residents the day after closing. He's got utilities, he's got a roof, he's got a heck of a lot of square footage.

The only winner in this deal was Bahman Kasraei. -- s.

Up Goose Creek's picture

Recognition

Submitted by Up Goose Creek on Sat, 2008/06/07 - 2:13pm.

I believe a developer may take on such a project so they can make a name for themselves. Much more glory than building condos out in a field somewhere.

"The building ain't worth saving ..."

I'm glad Kristopher Kendrick didn't have you for a construction advisor. Did you catch the tribute to him at the Bijou last night?

Sandra, do you know something about Kasraei we don't know? I couldn't find any reference to him at KGIS. It would be interesting to see how he maintains his other properties.

___________________________________
Less is the new More - Karrie Jacobs

Sandra Clark's picture

Kasraei

Submitted by Sandra Clark on Sat, 2008/06/07 - 2:23pm.

Nope. First time I met him was at the auction. He does pay his taxes, according to the Trustee's website.

Wrote about it for Monday's Shopper. Concluded that the building should have been auctioned 20 years ago before it started falling down.

I believe Victoria DeFreese was correct -- in its present state, the structure should be torn down and the area made into a neighborhood park.

And since when is buying a school an impulse buy? -- s.

Up Goose Creek's picture

Impulse buy

Submitted by Up Goose Creek on Sat, 2008/06/07 - 3:02pm.

Oh heck, popular media has tales of even bigger impulse buys. It happens. The question is does he have the financial and managerial resources to follow through.

Do you recall who the #2 bidder was?

____________________________________
Less is the new More - Karrie Jacobs

Sandra Clark's picture

David Dewhirst

Submitted by Sandra Clark on Sat, 2008/06/07 - 3:49pm.

David Dewhirst was the second bidder ... another guy bid for awhile, then quit. --s .

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