An online auction is underway for 42 lots at Lookout Highlands on Lookout Mountain.
Bruce Potts of Potts Brothers Land and Auction said owner George McGee is retiring and wants to liquidate the unsold lots at the development 35 miles from Chattanooga just south of the Trenton-LaFayette Highway. It is off Highway 157 across from the Canyon Ridge Golf Club.
There are 55 permanent or vacation homes at the 1,500-acre property.
Mr. Potts said the owner "has been out here for 22 years and now he is ready to move on to something else."
The lots range from three acres to 17 acres.
Potential bidders need to go to the Potts Auction website at http://pottsbrothers.com/
They can view the amount of the current bid and, after registering, can go online to make a higher bid. Also, lots can be clustered.
Mr. Potts said the close of the auction is set for Thursday at 4 p.m. If there is a bid within 10 minutes of closing time, the auction will be extended for additional bidding. The extension will end when the bidding stops.
Terms are a 25 percent down payment with the balance due in 30 days.
There is a 10 percent buyer's premium.
Mr. McGee reserves the right to reject any and all bids if he considers them too low.
The property includes four lakes and miles of walking trails. There are two waterfalls on the common area of 525 acres.
Dues for the homeowners association are $550 per year, which includes paying for mowing and upkeep of the private roads.
A bidding center has been set up at the entrance to Lookout Highlands to give tours or help with the bidding process.
The bidding started on Nov. 7.
Bids thus far range from $5,000 to $10,500.