(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.
|Published: 9:05 PM, 06/14/2013
||Last updated: 9:05 PM, 06/14/2013
Author: David Popiel
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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