Auction company to sell waterfront properties bought by TVA after Kingston ash spill

 

KINGSTON—The Tennessee Valley Authority has retained J.P. King Auction Company to sell waterfront properties that the public utility bought during the cleanup after the December 2008 ash spill in Kingston.

The properties will be sold at a public auction at 11 a.m. Saturday, July 25, on site rain or shine.

The TVA Board approved the auction company’s proposal to conduct a portfolio auction of 62 properties, up to 19 waterfront properties, four water view homes, and 39 waterfront lots, a press release said. The properties will be sold without reserve at absolute auction, meaning all properties will be sold to the highest bidders, regardless of price, the release said.

Following the 2008 Kingston ash spill, TVA committed to restoring the area to as good as or better than it was before the spill. The first two years of the recovery project required 24/7 operation of heavy equipment on land and in the Emory River. The sounds of the heavy equipment and the lights needed to support night time activities were audible and visible to nearby property owners. Therefore, TVA purchased these properties along Emory River Road, the press release said.

As of December 2014, all major construction associated with the recovery and restoration of the Swan Pond area is complete. The landfill is lined and closed, and Emory River has returned to pre-spill conditions.

As part of TVA’s fulfilling its commitment to restore the area to as good as or better than it was before, TVA plans to auction the homes to restore the area to a neighborhood community.

J.P. King Auction Company is an experienced, national property auction firm headquartered in Alabama. The auction company will include local real estate brokers in the process.

In June, detailed information about the auction and properties will be available at www.jpking.com.

Click here to view more photos and the complete release on Marketwired.