FAYETTEVILLE, Ark. – The house that served as the University of Arkansas Chancellor’s official residence from 1997 until July 2008 will be sold next month through a public auction. Open house tours of the building at 611 N. Razorback Road will be held for prospective bidders from 10 a.m. to 5 p.m. Friday, Aug. 8, and Wednesday, Aug. 20, and from 1 p.m. to 5 p.m., Sunday, Aug. 31. Bidding will begin at 9 a.m. Friday, Aug. 15, and is expected to conclude some time in early September.

Bidders may submit bids in writing or online. A minimum bidding price of $450,000 has been set for the two-story, 3,568-square-foot brick veneer structure, with a two-car garage on 0.436 acres.

“The university is required by state law to receive at least market value for the property,” said David O. Martinson, associate vice chancellor of business affairs. “Obviously, we are hoping to receive the highest sale price possible. We believe there will be a great deal of interest in this property, because of its location and the quality of the building. The federal government has had success using the online auction process to sell government-owned properties, and we believe this is the best way to conveniently open the sale to the greatest number of potential buyers.”

Details of the auction rules and procedures, as well as additional information about the property, can be found at http://uafrealestate.uark.edu. Bid forms and additional information may also be secured by contacting Ellen Ferguson or James Ezell in the Office of Business Affairs at 479-575-5314 or by e-mail at ellenf@uark.edu or jezell@uark.edu.

Proceeds from the sale of the former chancellor’s residence will go toward defraying the construction cost of the Wallace W. and Jama M. Fowler House, the new home for the university chancellor.