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April 30, 2009, 02:14 PM ET
U. of Tennessee System May Sell Its Unlucky Presidential Home
Tight budgets have prodded the University of Tennessee system to consider selling Sequoyah Place, a Georgian-style manse known lately as home to short-tenured presidents and expensive improvements, the Knoxville News Sentinel reported today.
John D. Petersen, departing president of the four-campus system, moves out of the residence next month, after almost five years at the helm. His two immediate predecessors both left the post amid scandals after putting more than $1.3-million in upgrades into the house, which has been home to presidents and chancellors since 1960.
The 11,000-square-foot home played a role in the downfall of John W. Shumaker, whose one-year stint as president ended in 2003, after an uproar over his spending, including $493,000 on the house. Notable expenses included a $97,000 walk-in closet and a $7,000 Persian rug.
Mr. Shumaker later told The Chronicle that the improvements were for the many fund-raising events he held at the home, saying: “You have to spend money to make money.”
Before Mr. Shumaker there was J. Wade Gilley, who lasted two years before an improper relationship with a subordinate tanked his presidency — a meltdown that featured the release of racy e-mail messages. Mr. Gilley also put substantial work into the house, including the addition of an elevator. But he never lived there.
The system spends $180,000 a year to maintain the 3.5-acre estate, the Associated Press reported. Trustees will meet next week to consider selling the house, which could fetch millions on the market. —Paul Fain
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