The Realtor has a video on youtube (I don't want people thinking I made this) that describes the property like this:
Own a piece of East Tennessee history! Beautiful Whirlwind Estate has 22,000 sq ft, with 5 separate living areas, all currently constructed as condos, but can be converted back to their original construction. 9 acres with a stocked pond, boat slip, lighted tennis court, inground heated pool, helicopter pad, an absolute must-see!
When the description starts with "own a piece of TN history!" It's evident the Realtor does not know the history of what Jake Butcher and his brother did to the people of East Tennessee. The Butchers lived the high life off stolen money. No matter what these men might have done right, they will always be known as the crooks who embezzled money from depositors and bankrupted their own banks. People who banked with them lost their life savings, their retirement, even their day-to-day money to get by. The Butcher estate is a reminder of greed, excess and theft: it's not a piece of TN history most folks want to own or celebrate.
The home at 180 Whirlwind is divided into 5 condos. But if you're thinking about turning the already established condos into a money-making investment, you can forget it. The condos are covered in mold - inside and out, they're decades behind trend, they're expensive to maintain, they've sat empty for years and the HOA will no longer allow the property to be used for anything other than a private residential home. So, it's not a question of can these condos be converted back to the original construction, they must be converted back to a residential home.
Why would any luxury buyer pay $1.2 million for a 22,000 sqft home surrounded by households with a median income of $35,000? The answer is they wouldn't. That would be stupid! STUUUPID! A luxury buyer is not going to get their money back after construction: they're not going to get their money back at $1.2 million. Even if they could convince the bank to take a dollar just to get it off the bank's books, there is no money to be made in this home. I don't know a single luxury buyer or investor interested in pissing money away.
The Jake Butcher Whirlwind estate at 180 Whirlwind is no longer beautiful. Yes there is a pond - one that is shared with the Home Owner's Association.
Yes, there is a tennis court - in need of desperate repair.
And, yes, there is a pool - believed to be the original pool from the late 1970s. Trees grow through the shredded pool cover, the pool surround needs attention and the outdoor kitchen features: layers of peeling paint, a dangerous state of dry rot, an antiquated grilling apparatus and inexplicable graffiti; it doesn't even say anything, where is the artistry?
So what do I think the Jake Butcher estate is worth? I won't tell you what I offered Commercial Bank but I can tell you I was being generous. In truth, the house is not worth the land it sits on.
Though situated on 9 acres. To demo a house this size would be costly and any construction or demolition must be approved by the HOA. You then have to appeal to the architectural and landscaping requirements of the Home Owner's Association for new construction. What were once beautiful views to the marina have been marred by the garage of a home I like to call "Spite house." The land backs to property that has already been purchased by various people: ready for new construction. You simply don't know what further development will be built around you and you have no control over it.
Is 180 Whirlwind worth 1.2 million? Maybe. But only if we're talking India Rupees.
