(c)2013 NPT PHOTO BY DAVID POPIEL Todd Thompson of Thompson Car Real Estate & Auctions started the bidding for the Newport Red Roof Inn property at $800,000 Thursday afternoon.
Friday, June 14, 2013Author: David Popiel
(Last modified: 2013-06-14 21:05:58)
Source: The Newport Plain Talk
The Red Roof Inn property in Newport was sold for $1.1 million to a Gatlinburg hotel owner after a foreclosure on Thursday afternoon.
Thompson Carr Real Estate & Auction handled the 2 p.m. sale that followed just minutes after Citizens National Bank (CNB) of Sevierville executed a foreclosure. About three dozen people were at the former restaurant location inside the building.
Bidding opened at $800,000 with bidders from Florida, Virginia, and North Carolina along with local business and property owners. Bibben Patel placed the winning bid after no one would offer $1,150,000.
Patel was not at the sale but was represented by his son, Kenny Patel, who was bidding over a telephone. Todd Thompson auctioned the property, known as the former Holiday Inn property.
For more details, please see the weekend edition of the Newport Plain Talk.
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