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Rarity Ridge properties auctioned for $9 million

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By Damon Lawrence

A foreclosure sale for properties in Rarity Ridge subdivision netted $9 million on Thursday.

The purchaser was listed as RL REGI-TN OAK LLC.

The sale took place on the steps of the Roane County Courthouse in Kingston.

Kyle Baisley, an attorney with the Knoxville firm Baker Donelson, was representing RL REGI.   

“The property is being sold all together, everything as a whole, all real and personal property,” he said.

Baisley was authorized to place the $9 million bid on behalf of RL REGI.

After reading the lengthy notice of sale, he asked if anyone else wanted to bid on the property.

No one did.

“Going once, going twice, the real and personal property I just described in this notice of sale is hereby sold to RL REGI-TN OAK LLC for the amount of $9 million,” he said.

Baisley said he’s not sure what RL REGI has planned for the subdivision.

“They thought maybe someone would come in and bid and own it, so they really haven’t made any plans,” he said. 
Rarity Ridge is located off Gallaher Road.

The subdivision has such amenities as a town center, swimming pool and tennis courts.  

Baisley said it was his understanding that the common areas will remain open to the people already living in the subdivision.

“We’re going to try to work to see what needs to be done with the common property,” he said. “We’ve got to look and see what property was still held by Oak Ridge Land Co., which would now become the property of RL REGI-TN OAK LLC.”   

Another issue that will have to be addressed is the delinquent taxes Roane County is owed on the properties in the subdivision.

The terms of the sale said the purchaser is responsible for the delinquent taxes.

“Obviously the taxes are still there,” Baisley said. “They’ll have to be dealt with eventually.”