Cornersville Road building sold

Wednesday, December 17, 2008

A commercial building just four blocks off the square changed hands for $21,400 less than its tax appraisal value last Saturday.

Jerry Shelton of Exit Celebration Realty and Auction of Shelbyville sold two properties at auction for Mary Ann Roberts that day, the commercial building and also a farm on Springplace Road. Shelton quoted Roberts as saying, "I just want to get them sold and turn them into money."

The building at 451 Cornersville Road stands on a 1.18-acre lot and has 200 feet of road frontage. It was built as a gas station and convenience store by John D. Lambert in 1976. The gas pumps and tanks were removed in 1995, and the Roberts bought the property in 1996.

It was made into four rental units and has remained so ever since, housing a variety of small businesses. Currently, New Hope Ministry rents the center two units for $600 per month, and Narcotics Anonymous uses unit for its meetings. The fourth unit is vacant, and that was where the auction was held, to get out of the wind.

"I've showed it to six people in the last three days," said Shelton. "It looks like none of them have come back to bid."

The bidding started at $30,000 and worked its way up to $81,000. It was not an "absolute" auction; in other words, Roberts had placed a reserve on the property.

"I don't think she'll let it go this cheap," said Shelton, but he made a phone call and came back to tell the bidders that Roberts would sell the building for whatever it brought.

The bidding continued slowly, with Bill Derryberry and his son John emerging the winners at $83,500. The under-bidders were Cam Harmon and J. R. Calahan of Cornersville. The total appraisal value is $104,900 on the State of Tennessee Real Estate Appraisal Card.

The purchase made sense for the Derryberrys who own the buildings next door and behind this one. When asked what they were buying it for, they said, "investment."