WILLIAMS & WILLIAMS REAL ESTATE AUCTIONS

Mariner's Pointe Resort

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Auction Info
Auction Date/Time:
Thursday, November 15, 2018
at 12:00pm CST
Auction Location:
On-Site or bid live from anywhere at auctionnetwork.com
Open Public Inspections:
11-2pm Friday October 26, November 9 and one hour prior to auction.
Nominal Opening Bid:
Sells to the highest bidder at auction above $1,000,000

Property is being offered by: Williams & Williams7140 S. Lewis Ave Ste 200, Tulsa, OK 74136800.801.8003

Square footage & lot size per county records. TN Broker: Jeff Ashby Re Lic 349889 Whitetail Properties Real Estate LLC, Broker Bobby Powers (731) 968-5001 Re Lic 256911 Barry L. Stewart Re Lic 276804 Williams & Williams Mrktg Srvcs, Inc. Re Lic 00257408 Auctioneer: Jerry E. King Auc Lic 1270 John Nicholls Auc Lic 6167 Williams & Williams Mrktg Srvcs, Inc. Auc Lic 00002215

Buyer pays a $199 Technology Fee at closing. Please see Terms of Sale for details.
Property Type:
Multifamily
Square Footage:
63,235+/- sf
Lot Size:
18.52+/- ac
Year Built:
1983
Property ID:
353082
Live On Location
109 Mariners Pointe Dr
Crossville, TN 38555
Nominal Opening Bid:Sells to the highest bidder at auction above $1,000,000
Property Type:Multifamily
Description:63,235+/- sf | 18.52+/- ac
Bidding Closed
Auctioned
109 Mariners Pointe Dr, Crossville, TN 38555

View Mariner's Pointe Overview Video
View Mariner's Pointe Video Tour


* Note: This property auction is being conducted at the direction of the Owner and is not a foreclosure or distressed sale.

Mariner’s Pointe Resort was previously a time share property with a total of 47 condos in four buildings. There are 27 one-bedroom units that have a pool and lake view as well as 20 two-bedroom units that are lakeside. Property contains meeting rooms, indoor spa, fitness center, outdoor pools, 18-hole miniature golf course, marina building with floating dock, laundry and housekeeping building all situated on 18.52+/- ac.

The property encompasses about 2,000' of shoreline on the unique Cumberland Plateau, overlooking the 230-acre Lake Holiday. There are seven buildings for occupancy on the Resort campus, with 63,235+/- sf of climate-controlled space. The Resort is located only 4 miles from I-40 via a newly constructed 3-lane access road. The property, originally developed in 1968 as a country club, was reconstructed and expanded with new development as a timeshare resort destination in 1981. The Resort was a significant location for the 1989 movie "Tennessee Waltz", featuring Julian Sands, Ned Beatty, Rod Steiger, and Stacy Dash.

On Lake Holiday's shore, there are two 6-unit (1983 & 1985) and one 8-unit (1988), 2-level frame buildings totaling 21,121+/- sf, containing twenty 2 bedroom condominium units of 1,111+/- sf each, with docking for each unit.

The Marina building (1987) contains 1,562+/- sf, plus a covered fishing pier. The Marina serves a floating aluminum dock with 12 slips near the electronically controlled, gated access ramp into the lake. The Marina area accesses the 1000' boardwalk, which takes you past the 18-hole lakeside, championship miniature golf course, to the beach activity area, containing approx 500' of shoreline.

The Resort Laundry & Housekeeping building provides laundry services to the Resort residents with 40#, 55#, and 75# Continental Commercial washers of current vintage. Other amenities at the Resort include lighted tennis and basketball courts, fishing boats, paddle boats, a fish cleaning station, and picnic areas with outdoor grills.

Suggested uses include an apartment community, retirement community, condominium complex, and/or multiple other uses.

The resort neighbors the Crossville Memorial Airport as well as the Cumberland County Playhouse, which is 1 of the 10 largest professional theaters in rural America. It serves more than 145,000 visitors annually.

Questions?

This individual seller chose to auction their property for a time-definite sale. If you have a property to sell, please contact Customer Service at 800.801.8003

Live On Location
109 Mariners Pointe Dr
Crossville, TN 38555
Nominal Opening Bid:Sells to the highest bidder at auction above $1,000,000
Property Type:Multifamily
Description:63,235+/- sf | 18.52+/- ac
Bidding Closed
Auctioned

Property is being offered by: Williams & Williams7140 S. Lewis Ave Ste 200, Tulsa, OK 74136800.801.8003

Square footage & lot size per county records.

TN Broker: Jeff Ashby Re Lic 349889 Whitetail Properties Real Estate LLC, Broker Bobby Powers (731) 968-5001 Re Lic 256911 Barry L. Stewart Re Lic 276804 Williams & Williams Mrktg Srvcs, Inc. Re Lic 00257408
Auctioneer: Jerry E. King Auc Lic 1270 John Nicholls Auc Lic 6167 Williams & Williams Mrktg Srvcs, Inc. Auc Lic 00002215

Auction Date/Time:
Thursday, November 15, 2018
at 12:00pm CST
Auction Location:
On-Site or bid live from anywhere at auctionnetwork.com
Open Public Inspections:
11-2pm Friday October 26, November 9 and one hour prior to auction.
Nominal Opening Bid:
Sells to the highest bidder at auction above $1,000,000
Buyer pays a $199 Technology Fee at closing. Please see Terms of Sale for details.
Property Type:
Multifamily
Bedrooms:
N/A
Bathrooms:
N/A
Square Footage:
63,235+/- sf
Lot Size:
18.52+/- ac
Year Built:
1983
Property ID:
353082
109 Mariners Pointe Dr, Crossville, TN 38555

View Mariner's Pointe Overview Video
View Mariner's Pointe Video Tour


* Note: This property auction is being conducted at the direction of the Owner and is not a foreclosure or distressed sale.

Mariner’s Pointe Resort was previously a time share property with a total of 47 condos in four buildings. There are 27 one-bedroom units that have a pool and lake view as well as 20 two-bedroom units that are lakeside. Property contains meeting rooms, indoor spa, fitness center, outdoor pools, 18-hole miniature golf course, marina building with floating dock, laundry and housekeeping building all situated on 18.52+/- ac.

The property encompasses about 2,000' of shoreline on the unique Cumberland Plateau, overlooking the 230-acre Lake Holiday. There are seven buildings for occupancy on the Resort campus, with 63,235+/- sf of climate-controlled space. The Resort is located only 4 miles from I-40 via a newly constructed 3-lane access road. The property, originally developed in 1968 as a country club, was reconstructed and expanded with new development as a timeshare resort destination in 1981. The Resort was a significant location for the 1989 movie "Tennessee Waltz", featuring Julian Sands, Ned Beatty, Rod Steiger, and Stacy Dash.

On Lake Holiday's shore, there are two 6-unit (1983 & 1985) and one 8-unit (1988), 2-level frame buildings totaling 21,121+/- sf, containing twenty 2 bedroom condominium units of 1,111+/- sf each, with docking for each unit.

The Marina building (1987) contains 1,562+/- sf, plus a covered fishing pier. The Marina serves a floating aluminum dock with 12 slips near the electronically controlled, gated access ramp into the lake. The Marina area accesses the 1000' boardwalk, which takes you past the 18-hole lakeside, championship miniature golf course, to the beach activity area, containing approx 500' of shoreline.

The Resort Laundry & Housekeeping building provides laundry services to the Resort residents with 40#, 55#, and 75# Continental Commercial washers of current vintage. Other amenities at the Resort include lighted tennis and basketball courts, fishing boats, paddle boats, a fish cleaning station, and picnic areas with outdoor grills.

Suggested uses include an apartment community, retirement community, condominium complex, and/or multiple other uses.

The resort neighbors the Crossville Memorial Airport as well as the Cumberland County Playhouse, which is 1 of the 10 largest professional theaters in rural America. It serves more than 145,000 visitors annually.

Questions?

This individual seller chose to auction their property for a time-definite sale. If you have a property to sell, please contact Customer Service at 800.801.8003

Terms of Sale:

Thank you for participating in this Williams & Williams Auction. It is important that you familiarize yourself with the terms and conditions as all sales are final and irrevocable. The terms of sale are non-negotiable. Good luck and good bidding!

Registration at the auction (online and/or in person) finalizes each bidder's agreement to the terms and conditions of sale as stated in the Contract and its Addenda which are incorporated by reference into your bidding. Do not bid until you have read the terms and conditions. The High Bidder will be required to pay a Williams & Williams Technology Fee of $199 at closing. By bidding you are representing to Williams & Williams ("Broker" and/or "Auctioneer") and the seller that you have read and agree to be bound by the terms and conditions for this sale as stated herein. DO NOT BID unless you have registered, received a Bidder's Card and Auction Day Notes, and have read and agreed to be bound by the terms of sale in the Contract as they are enforceable against you upon becoming a high bidder.

All properties are sold "AS IS, WHERE IS" with no financing, inspection or other contingencies to sale. Williams & Williams represents the Sellers only and does not inspect properties on bidder's behalf. Read the Contract and Auction Day Notes to determine the existence of any disclosures, exclusions, representations and disclaimers. Do not bid if you have not inspected the property(s). By bidding you agree to all disclosures.

Buyers receive a deed and Title Insurance Policy as provided by the Closer indicated in the Contract (any mobile/manufactured housing not legally affixed to the property shall only be conveyed by a Hold Harmless Agreement or Quit Claim Bill of Sale unless otherwise noted in the Disclosures). Current year's taxes are pro-rated through day of closing as is customary.

There is no Buyer's Premium for this property.

Each high bidder must make a 10% non-refundable deposit per property ($5,000 MINIMUM - whichever is greater) immediately following auction. Cash, cashier's checks, personal checks and business checks (electronically processed) are accepted. If you are a resident / citizen of a country outside of the US, certified funds (bank check, wire transfer, certified checks) are required for the down payment and closing. The balance of the purchase price, all closing costs, and the Technology Fee are due at closing.  Buyer is responsible for all escrow and closing fees typically ranging from $750-$3000.  It is the Buyer’s responsibility to contact a local title agency or real estate attorney for a property specific estimate prior to placing a bid.

Bidding starts at the nominal Opening Bid(s) indicated and is open to the public. The Auctioneer reserves the right to group, add to, delete, withdraw, consolidate or break down lots and/or quantities offered, to sell out of scheduled sequence, to reject any bid which is only a fraction advance over the preceding bid, to regulate bidding, to accept or reject any or all bids, and to cancel or re-schedule an auction. The Auctioneer will call the sale and control any increments of bidding. To make a bid, raise your hand or Bid Card to be recognized. The bidding usually takes less than 3 minutes for each property. Absentee bids may be accepted at the discretion of the Auctioneer. The Auctioneer reserves the right to enter bids on behalf of absentee bidders. Any mistakes during bidding as to who has the high bid and/or at what price may be called to the Auctioneer's attention and corrected. The Auctioneer is the sole arbiter and controller of the conduct of the auction and shall be the final and absolute authority without liability to any party.

Your inspection of the property(ies) and attendance at this auction are at your own risk. Broker and Seller, their agents and employees, expressly disclaim any "invitee" relationship and shall not be liable to any person for damage to their person or property while in, on or about these properties, nor shall they be liable for any defects, dangers or conditions on the property(ies). All persons enter the property(ies) and attend the auction at their own risk and shall defend, indemnify, and save harmless Broker and Seller, their agents and employees, from any and all liability attendant thereto.

All auctions are subject to court or seller approval. Most sales are approved within seven (7) business days. Buyers are not allowed possession until Closing and filing of the deed, at which time the property should be re-keyed. If for any reason the court or Seller approval is not granted, the Down Payment shall be returned in its entirety to the high bidder. "Showing" requests from Buyers after the auction may not be able to be accommodated.

If more than one property is being auctioned, the Auctioneer may choose to offer a group of the properties for auction at the same time. This is called "BUYER'S CHOICE" and is to accommodate buyers who have an interest in more than one property and/or have 2nd and 3rd choices if they are out bid for a favorite property. Upon winning the bid, please choose which property, or properties, you want. You pay the high bid price for each property selected. Each sale is final and stands alone. Remaining properties are then offered in another round of bidding. Anyone may bid at any time, including prior High Bidders.

Williams & Williams and the Seller expressly disclaim any liability for errors, omissions or changes regarding any information provided for these sales. Please read the Contract and Auction Day Notes for a full and complete understanding of Williams & Williams and Seller's disclaimers. Bidders are strongly urged to rely solely upon their own inspections and opinions in preparing to purchase property and are expressly advised to not rely on any representations made by the Seller or their agents and employees. Property information may change without notice and potential purchasers should investigate all data fully before relying upon it.

 

Auction Network
TERMS & CONDITIONS OF SERVICE

The property offered in this auction will be offered and sold by Williams & Williams Marketing Services, Inc. ("Williams & Williams"). Any questions regarding the auction process or a property should be directed to Williams & Williams or its designated representative. Auction Network, LLC ("Auction Network") serves solely as the online bidding service (the "Service") for Williams & Williams. Your use of the Service is governed by these Auction Network Terms & Conditions of Service, and the Auction Network Terms of Use located at the following URL: https://www.auctionnetwork.com/Site/TermsOfUse.asp, as amended from time-to-time by posted notices or oral announcements made during any auction.

Williams & Williams serves as the auctioneer, and represents the owner of the property at auction. The auction and conveyance of each property shall be governed by property specific Contract for Sale, Auction Day Notes, Disclosures, and the Williams & Williams Terms & Conditions of Sale. These documents govern your bid and the sale of each property, and can be accessed and reviewed at the Williams & Williams property specific web page.

DO NOT BID unless you have read the Williams & Williams Terms & Conditions of Sale, the Contract for Sale, Property Disclosures, and the Auction Day Notes for each property. BY PLACING YOUR BID, YOU AGREE TO BE BOUND BY THE PROPERTY SPECIFIC CONTRACT FOR SALE, DISCLOSURES, AUCTION DAY NOTES, AND THE WILLIAMS & WILLIAMS TERMS & CONDITIONS OF SALE.

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In the event of any conflict between Auction Network's Terms & Conditions of Service and the Williams & Williams Terms & Conditions of Sale, the Williams & Williams Terms & Conditions of Sale shall control in each instance.

Auction Network has no authority to, and does not provide, any guarantee, warranty, or covenant, of any kind or nature, regarding a property. Per the Williams & Williams Terms & Conditions of Sale, all properties auctioned are otherwise sold "AS-IS, WHEREIS" without any representation or warranty, express or implied, of any kind by Williams & Williams, Auction Network, or the respective seller, and with no financing, inspection or other contingencies to sale. Buyers must conduct their own due diligence and investigation of each property and must also investigate the suitability of each parcel prior to making a bid and purchase at the auction. Buyers must rely solely upon their own investigation and not any information provided by the Seller or Williams & Williams. Failure of a Buyer to be fully informed on the condition of a property will not constitute grounds for any claim adjustment or right to cancel sale.

Neither Auction Network nor Williams & Williams assumes any risk, liability or responsibility for the authenticity of the authorship of any property or livestock offered at this auction (that is, the identity of the creator or the period, culture, source or origin, or lineage, as the case may be, with which the creation of any property is identified).

The auctioneer has the right at his or her absolute and sole discretion to refuse any bid, to advance the bidding in such a manner as he or she may decide, to withdraw or divide any lot, to combine any two or more lots and, in the case of error or dispute, and whether during or after the sale, to determine the successful bidder, to continue the bidding, to cancel the sale or to reoffer and resell the item in dispute. If any dispute arises after the sale, our sale record is conclusive.

Any property may be withdrawn by Auction Network or Williams & Williams at any time before the actual sale without any liability therefore. If the auctioneer determines that any opening bid is not commensurate with the value of the article offered, he or she may reject the same and withdraw the article from sale, and if, having acknowledged an opening bid, he or she decides that any advance thereafter is insufficient, he or she may reject such advance.

These Auction Network Terms & Conditions of Service, Terms & Conditions of Use, Williams & Williams' Terms & Conditions of Sale, as well as the online buyer's rights and obligations hereunder, shall be governed by and construed and enforced in accordance with the laws of the State of Oklahoma. By bidding at this auction, whether in person or by agent, order bid, telephone, online, or other means, the buyer shall be deemed to have consented to the exclusive jurisdiction of the state and federal courts sitting in the State of Oklahoma.

You are registering to bid on the following properties, and as stated above, your bid, and the sale of the property, will be governed by the property specific Williams & Williams Contract for Sale, Disclosures, Auction Day Notes, and Terms & Conditions of Sale. Each of these documents are available for your review at the Williams & Williams property specific web page. DO NOT BID unless and until you review these documents. BY PLACING YOUR BID, YOU AGREE TO BE BOUND BY THE PROPERTY SPECIFIC CONTRACT FOR SALE, DISCLOSURES, AUCTION DAY NOTES, AND THE WILLIAMS & WILLIAMS TERMS & CONDITIONS OF SALE.

Disclosures:
• All properties are sold "AS IS, WHERE IS" with no financing, inspection or other contingencies to sale.

• SELLER DISCLOSURE STATEMENT. Mariner's Pointe Resort is located on the shores of Lake Holiday, which is one of two municipal reservoirs for the City of Crossville, TN. Construction of the Resort's lakefront assets occurred when the lake's normal pool elevation was at 1,760 ft. Mean Sea Level (MSL). In 2009, during a period of drought, the city completed construction of a new Weir across the newly widened spillway for Lake Holiday. The new 220 feet long weir provides enhanced flood control during events of heavy rainfall. The weir crest, constructed at elevation 1,761.382 ft. MSL, provides greater reserves for the city's water supply, but has caused moist/wet crawlspaces under three of the resort's lakefront condominium buildings.

In 2017, one of the areas wettest years, Seller discovered an issue regarding buildings #6, #7, & #8. The issue was excessive moisture in the crawlspace areas of these buildings apparently caused by saturation of the surrounding soils from either heavy rainfall or the lake level exceeding the crest of the weir at the spillway. It was determined with the increase in elevation of the normal pool of the lake's surface, the water table in the soils surrounding the lake also increased equal to the lake's water level. This issue remained undiscovered until late 2017, when environmental changes began to manifest in the three-lakefront two-bedroom condominium buildings. The plastic moisture barrier in the crawlspaces under building #6 & #7 obscured the wet conditions resulting from the lake elevation increase.

Due to the increased elevation of the normal pool for Lake Holiday, the shoreline soils have eroded away from the lakeside areas adjacent to each of buildings #6, #7, & #8. The soils in these areas may need to be replenished and armored with Rip-Rap and other remedial measures including but not limited to a water-wall of vinyl piling for installation dockside of buildings #6 and #7, and backfilling, to protect the buildings from lake intrusion during heavy rainfall events and to prevent future erosion, as may be determined by due diligence of a prospective purchaser prior to bidding at auction.

Due to the increase in lake elevation, remedial measures are recommended including but not limited to, for each of buildings #6, #7 and #8, professional assessment for professional moisture-proofing including but not limited to 'closed-crawlspace' envelope to protect the structures and control the moisture penetration into these buildings. A prospective purchaser should determine the necessity of remedial measures during the due diligence period and prior to bidding at auction.
In further disclosure, the EPDM roof membrane on building #1 is well past its life expectancy, and replacement or other remediation is required, as frequent leaks have occurred since last winter. In addition, the shingles on building #3 have been damaged by high storm-winds and replacement is indicated. To the best of Seller's knowledge, no leaks reported for building #3.

BUYER MUST CONDUCT THEIR OWN DUE DILIGENCE PRIOR TO AUCTION. NO WARRANTY IS EXPRESSED OR IMPLIED BY THIS VOLUNTARY DISCLOSURE. THE SALE OF THE PROPERTY IS AS-IS, WHERE-IS AND NOT SUBJECT TO CONTINGENCIES FOR INSPECTION OR OTHER DUE DILIGENCE.

Map

Fontana Fitzwilson
Fontana Fitzwilson
Executive Vice President, Sales
PHONE
Selling your property? Find out if auction works for you.
Call 800.801.8003.
Selling your property? Find out if auction works for you.
Call 800.801.8003.