Commission approves sale of Shoney’s Hill property for $2 million

By Michelle Price
Special to the UCBJ

COOKEVILLE – Monday, the Putnam County Commission approved the sale of the Shoney’s Hill property to v3 Realty LLC for a purchase price of $2 million. 

The sale of the property has been a hot topic since it was advertised on the national real estate site Loop Net. Bids were accepted from Sept. 23 to Oct. 15, and six parties were interested and submitted confidential bids.  

The commission approved the execution of a 90-day legal option agreement with $10,000 non-refundable five days after approval of the option, and a subsequent mutually agreeable purchase agreement for the purchase price of $2 million by v3 Realty LLC. 

The property, as advertised, is approximately 29.19 acres and excludes the highway department and the bus garage from the original parcel. The most recent appraisal on the property has it valued at $598,500. 

“The money that the county realizes from the sale of the property will help fund the construction of the new highway department and new bus garage, both buildings of which are in need of upgrading,” according to the resolution passed. 

The Shoney’s Hill property was declared as surplus by the County Commission at the April 2021 commission meeting. The property is not currently in use by the county and has not been used by the county for decades.

The sale of the property will not include the highway department or the bus garage.

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