To most observers, the legendary Space House on Signal Mountain sold to the highest bidder during a highly publicized reserve auction back on March 15. In reality though, the home never formally changed hands and the apparent lucky new owner never took possession.
Not long after the auction gavel fell on that cold and rainy afternoon in March, the top bidder failed to pay in full for one of the solar system's most fascinating and photographed pieces of real estate.
"In real estate terms he defaulted," said Tony Young, an auctioneer with the Crye-Leike Auction Team in Cleveland, Tn.
"This was probably one of only several hundred auctioned properties we've handled recently where the buyer failed to come up with the cash or financing to complete the purchase. It's an oddity that it didn't sell."
The unnamed buyer, who placed the top bid by phone from Ohio, agreed to pay $135,000 for the Space House in March 2008. By failing to pay the agreed upon price he ultimately forfeited a nonrefundable 10% down payment. The final bid/sales price was clearly well below the minimum the owner was looking for. A realtor had recently listed the property, located at 1408 Palisades Road on Signal Mountain for $184,900.
"This time it will sell with absolutely no minimum and no reserve," said Mr. Young. "The owner knows the sale on Dec. 14 at 2 p.m. will be final and it will bring whatever the public is willing to pay."
The Crye-leike Auction Team does not require verification of funds or a pre-approval letter up front at its auctions. For this absolute auction of the Signal Mountain Space House a 20% non-refundable deposit will be required on the day of sale and the balance will be due in 15 days. Auctioneer Young said the current owner wishes to remain unnamed.
"He's a local investor who purchased the property in a traditional sale back in the fall of 2007," said Mr. Young. "He owns the Space House free and clear and, due to health issues, he's liquidating all his local property and holdings with plans to relocate to Florida."
Mr. Young said, "Since it was built in 1970, the landmark Space House remains a home like no other. The large white saucer shaped structure, built of steel and concrete, is suspended one full story off the ground on six large re-enforced cement pillars. The foundation columns appear like landing gear, concealing the home's utilities high atop a paved parking area underneath and situated on a wonderful lot with breathtaking views."
"This unique space ship house has been recognized throughout the United States and featured in many news publications and television programs and is now available for a new owner," said Eric Spencer an auctioneer with the Crye-Leike Auction Team in Cleveland. "The home has a view of the Tennessee River as well as beautiful views from Signal Mountain, one of the region's more upscale communities."
The Space House has nearly 2,000 square feet of living space, three bedrooms, two full bathrooms, kitchen, living room and large open bar/entertainment area.
"This is an opportunity to own a unique property and is ideal for that weekend get away," said Mr. Spencer. "This is truly the most unique property we have ever sold."
From Chattanooga the home is located a short drive along I-75 South to I-24 West, Exit 178. Follow 27 North to the Signal Mountain Road Exit #127 North; turn left on Palisades Road and you will immediately spot the Space House.
Two additional properties to be sold at auction from the Space House include: 140 Hickory Street, Dunlap, Tn., 37327 and 815 Chickamauga Avenue, Rossville, Ga., 30741.