Thursday, February 12, 2015

U of M President's House to be Sold

Posted By on Thu, Feb 12, 2015 at 11:49 AM

click to enlarge U of M president's home on Grandview Drive. - GOOGLE MAPS
  • Google Maps
  • U of M president's home on Grandview Drive.

The University of Memphis president’s house is on the market (or will be soon).

click to enlarge U of M president, David Rudd
  • U of M president, David Rudd
The university got permission from the State Building Commission to sell the home in a meeting last month. The Grandview Drive house served as the U of M’s president’s residence from 1965 to 2013.

The original purchase then was $120,000, according to a state document, and is currently assessed at $827,300.

Without inflation, that’s a nearly 590 percent increase in the value of the home. But according to the federal government’s Consumer Price Index, $120,000 in 1965 had the same buying power in 2014 of nearly $902,000.

The home is 4,675 square feet and sits on 1.8 acres of land near the university. U of M officials are hoping to get “fair market value” for the home and estimate a realtor cost of 6 percent of the sale price.

Why is the university getting rid of it?

“The property no longer meets the university’s dual need for a president’s home and special events,” reads the item from last month’s minutes of the State Building Commission.

But buyer beware as, “the house needs substantial repair and renovation.”

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