By Jesse Wood
May 15, 2013. The old Watauga High School property is back on the market. The notice of sale of the 75-acre property was listed on the Watauga County’s website today.
The asking price is $20 million. Watauga County owns the property that is located in the Town of Boone.
Last week, Phil Templeton, who offered roughly $18 million (after commission) for the property last fall, withdrew his offer, stating in a letter drafted days before the due diligence period was to expire that his bid price combined with town regulations presented “an unacceptable level of risk” for the mixed-use development he originally envisioned.
Last fall, the Watauga County Board of Commissioners received multiple offers on the property. Campus Crest Development offered a $18 million to build a mixed-use development with student housing. The offer would have net the county $17.1 million after real estate agent commissions. Sanctuary Management offered $16.8 million for the property. That offer included zero in commission fees.
Of course, neither of these offers come close to the multiple offers on the old WHS property of $30-mililon plus that prior commissioners received – but didn’t accept – before the Great Recession.
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