MAYFIELD, Ky. — Harris Real Estate & Auction on Tuesday sold the former Rose Elementary School, which includes 50,000 square feet of usable space, on behalf of Graves County Schools.
A rendering conveying the division of lots at the Rose Elementary School auction.
Harris Real Estate & Auction | Posted Photo
At auction, the property was divided into two lots. The first parcel contained 7.32 acres of mixed-use buildings, and the second parcel contained an adjacent 7.87 acres of open space.
Of the properties valued by the district at $100,000, Tract 1 sold for $135,000 and Tract 2 sold for $80,000, for a total of $215,000. The highest bid for the combined area was $195,000, which was replaced by separate bids.
Harris Real Estate & Auction outlined the property’s features, including a gymnasium, kitchen, cafeteria, classrooms, offices, restrooms and storage.
Harris Real Estate & Auction’s whiteboard lists the final bids for the Lowe’s Elementary School property at auction on October 15, 2024.
Will Spencer | Mayfield’s Messenger
The company also highlighted its potential use as an event center, storage facility or office complex.
GCS maintenance director Richard Horne said the building will not be operational beyond 2021. He said the students were relocated to Central Elementary School, Fancy Farm Elementary School and Simsonia Elementary School, among other locations within the district.
The Tract 1 buyer requested anonymity and did not disclose the intent of the acquisition.
The buyers of Tract 2 are cousins and real estate partners Jeff and Eugene Barnett of Cunningham, Kentucky. This is the first facility in Graves County.
Michael Dale Harris, principal broker and auctioneer with Harris Real Estate & Auctions, congratulated Jeff Barnett, co-buyer of Tract 2.
Will Spencer | Mayfield’s Messenger
Jeff Barnett said the couple is still figuring out how to use the land and has an idea to develop housing in the area.
He said he was somewhat satisfied with the price settled, explaining that it was the nature of the game.
Buyers of Tract 1 and Tract 2 will pay a 15% down payment on the day of the auction and the remaining balance in cash within 30 days.
The Graves County Board of Education is scheduled to vote on approving the purchase at its Thursday, Oct. 17, meeting.
Will Spencer is a reporter for the Mayfield Messenger. To read the full article, visit mayfield-messenger.com.
