Tennessee National Up For Sale
Tennessee National, the waterfront golf community in Loudon County, is for sale.
Jeff Woolson, of CB Richard Ellis in Carlsbad, Calif., said Tuesday that the listing includes 108 finished lots and 950 acres of developable land that could be converted into nearly 1,500 lots. It also includes the Tennessee National golf course, clubhouse, practice facility, maintenance facility and pool. The listing does not include properties that have already been sold to homeowners.
Woolson said the owners of Tennessee National have invested more than $70 million into infrastructure, but he expects a buyer to get a deal. "All properties these days are selling for a fraction of their former value," he said. "I'm going to guess somewhere in the ... mid-teens, (or) high teens maybe."
The company behind the project is Medallist Developments, a joint venture between Macquarie Bank of Australia and golfer Greg Norman's Great White Shark Enterprises. Woolson said Medallist made a corporate decision to focus on opportunities in Australia, and that the move is not a distressed sale.
David Cecchele, chief operating officer of Medallist USA, said Monday that the firm assesses all of its assets on a regular basis, and felt they would be "better served by divesting of the asset."
In June, the Scope reported on an aggressive marketing push by Tennessee National, in which the project's web site trumpeted news of a "Lender Ordered Short Sale" and the chance to own lakefront property for "Pennies on the Dollar!".