Templeton files upset bid on old WHS



Article Published: Nov. 1, 2012 | Modified: Nov. 1, 2012

Templeton Properties of Boone submitted an upset bid Friday morning of $18,948,000 for the former Watauga High School property, according to county staff.

That offer would net the county $18,000,600 after subtracting the 5 percent commission it will pay at closing.

Phil Templeton would not say Friday how the company plans to use the property if it is the successful buyer.

“There’s not much to report right now, until the 10-day waiting period is over,” Templeton said.
The bid exceeds the amount that was necessary to beat the previously accepted bid of $18 million from Campus Crest Development. A potential purchaser needed to offer at least $18,900,050 to take the new high bid.

All offers must match the terms and conditions of the original Campus Crest offer, which the commissioners accepted on Oct. 17.

According to statute, the upset bid triggers a new 10-day upset bid period, which began after notice of the Templeton Properties offer published in the Watauga Democrat Sunday.

Anyone interested in the 74-acre property may upset the bid with an offer of at least $19,895,450 to the county manager's office by 5 p.m. Nov. 8, according to the legal notice.
The process continues until no more upset bids are filed.

At that point, the board of commissioners would have to approve the final high offer before the sale is finalized.

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