Upset bid received for old WHS
by Kellen Moore
Templeton Properties submitted an upset bid Friday morning of
$18,948,000 for the former Watauga High School property, according to county staff.
Phil Templeton would not say Friday how the company plans to use the property if it is the successful buyer.
The bid exceeds the amount that was necessary to beat the previously accepted bid of $18 million from Campus Crest Development. A potential purchaser needed to offer at least $18,900,050 to take the new high bid.
All offers must match the terms and conditions of the original Campus Crest offer, which the commissioners accepted on Oct. 17.
According to statute, the upset bid triggers a new 10-day upset bid period, which will begin after notice of the Templeton Properties offer publishes in the Watauga Democrat classifieds Sunday.
Anyone interested in the 74-acre property may upset the bid with an offer of $19,895,450 to the county manager's office by 5 p.m. Nov. 8, according to the legal notice.
At that point, the Board of Commissioners would have to approve the final high offer before the sale is finalized.
Phil Templeton would not say Friday how the company plans to use the property if it is the successful buyer.
The bid exceeds the amount that was necessary to beat the previously accepted bid of $18 million from Campus Crest Development. A potential purchaser needed to offer at least $18,900,050 to take the new high bid.
All offers must match the terms and conditions of the original Campus Crest offer, which the commissioners accepted on Oct. 17.
According to statute, the upset bid triggers a new 10-day upset bid period, which will begin after notice of the Templeton Properties offer publishes in the Watauga Democrat classifieds Sunday.
Anyone interested in the 74-acre property may upset the bid with an offer of $19,895,450 to the county manager's office by 5 p.m. Nov. 8, according to the legal notice.
The process continues until no more upset bids are filed.
At that point, the Board of Commissioners would have to approve the final high offer before the sale is finalized.