BRENTWOOD, TN.- Crye-Leike, Auctions Broker Terry Posey is preparing for one of his biggest auctions to date? and possibly the oldest property he’s had the opportunity to sell to the highest bidder.


“It is a unique property,” said Posey, referring to the 34-thousand square foot Old Mayfield Elementary School that goes on the auction block the first of next month.  “We mostly sell houses, farms and land so an entire school is unusual, but there isn’t much difference in the general way we market the property and conduct our auction.”


Last month the Cleveland City Schools Board of Education signed an agreement with Crye-Leike Auctions to sell the 79-year-old school.  Auctioneer Terry Posey along with Tony Young have agreed to sell it at no charge.


“It’s a desirable approach for the school system to take the property to auction as opposed to the usual route of listing it and waiting for offers,” said Posey.  “This way the school board gets to set the date and time of the sale, the terms, down payment and closing date.   It allows for greater accountability to the citizens and taxpayers and ensures the likelihood of a sale at a fair market price.”


In 2005 the appraised value of the school was reportedly at $850,000.  It is the goal of Crye-Leike Auctions to sell the property for that amount or more.  Posey has auctioned properties for much more money, but he recognizes the school’s status as a public building and its sentimental value makes this auction special.


“We’ve had interest from a number of prospective buyers,” said Posey.  “In addition to 20% down, the winning buyer will need to provide a non-refundable earnest money deposit and be able to close in 30 days of the auction.”


Crye-Leike, Realtors was established in Memphis in 1977 by Harold Crye and Dick Leike, and within three years, the company grew to be the largest in the city.  Today, Crye-Leike?, the nations 4th largest real estate company, has a network of over 3,900 sales associates and 125 corporate and franchise offices located in 65 counties through-out the eight-state southern region of Tennessee, Alabama, Arkansas, Florida, Georgia, Kentucky, Mississippi and North Carolina.


Crye-Leike is a full-service real estate company offering buyers and sellers services in the following areas of specialty: residential sales, mortgage lending, title, insurance, commercial business and investments, property management, development and construction, builder resources, REO bank-owned properties, relocation, auctions, and home services referrals.  In 2006, the Crye-Leike organization attained sales of $6.1 billion with 35,498 closed transaction sides.

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