Bankruptcy Trustee Jerry Farinash said the valuable Casey property on the north shore of the Tennessee River opposite Ross's Landing will definitely be sold on Nov. 16.
He said, "An awful lot of buyers have been interested, but they want to know for sure we have a definite sale date. It will be sold on this day."
Attorney Farinash said an agreement has been worked out to sell lots 3, 4 and 5 near Manufacturers Road to American River Development for $5.2 million.
He said he "believes it to be in the range of the fair market value of the property."
Allen Casey, who was the original developer of the Chattanooga Choo, had planned a hotel, restaurant and other projects at the site. However, he went into bankruptcy and it was never developed.
Attorney Farinash said it is still possible for another buyer to outbid American River Development.