Lowes Elementary School sells in real estate auction | News

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Lowes Elementary School sells in real estate auction | News

MAYFIELD, Ky. — Harris Real Estate & Auction sold the former Lowes Elementary School on Tuesday, which included 50,000 square feet of usable space, on behalf of Graves County Schools.







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A rendering conveys the division of tracts for the Lowes Elementary School auction.




At the auction, the property was divided into two tracts — the first containing the multi-purpose building of 7.32 acres and the second containing adjacent, vacant land of 7.87 acres.

Tract 1 sold for $135,000 and Tract 2 sold for $80,000, totaling to $215,000 on property the district appraised at $100,000. The highest bid for the combined tracts was $195,000, but it was supplanted by the separate bids.

Harris Real Estate & Auction outlined property features, which include the gymnasium, kitchen and cafeteria, classrooms, offices, restrooms, and storerooms.







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A Harris Real Estate & Auction whiteboard features the final bids for Lowes Elementary School property at the auction on October 15, 2024. 




The company also highlighted potential uses as an event center, storage facility, or office complex.

GCS maintenance director Richard Horn said the building has not been operational since 2021. He said students relocated to Central Elementary School, Fancy Farm Elementary School, Symsonia Elementary School and others in the district.

The buyer of Tract 1 wished to remain anonymous and did not disclose intentions for the acquisition.

The buyers of Tract 2 are cousins and real estate partners Jeff Burnett and Eugene Burnett from Cunningham, Kentucky. This is their first property in Graves County.







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Harris Real Estate & Auction principal broker and auctioneer Michael Dale Harris congratulates Tract 2 co-buyer Jeff Burnett.




Jeff Burnett said the duo is still deliberating on how they will utilize the land, and said one idea is to develop housing in the area.

He said he is somewhat satisfied with the settled price, and described it as the nature of the game.

The buyers of Tract 1 and Tract 2 paid 15% as down payment on the day of the auction and will pay the remaining balance in cash within 30 days.

The Graves County School Board will vote on approval of the purchases at its meeting on Thursday, Oct. 17.

Will Spencer is a reporter for the Mayfield Messenger. Visit mayfield-messenger.com to read the full article.

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