LUBBOCK, Texas — On Saturday, the Texas Tech University system held an auction to sell the chancellor’s residence and furniture. The house sold for $1.6 million dollars.
Texas Tech University acquired the home in 2006, and was valued at more than $1.5 million, according to the Lubbock Central Appraisal District.
Martin Higgenbotham, president of Higgenbotham Auctioneers International, LTD, Inc. said the more than 8,000 square foot home sold for three million dollars less than it cost to build.
Attorney Marion Sanford said he is representing his parents who bought the home.
“I think it was a fair price,” Sanford said.
In a statement, Gary Barnes, vice chancellor and chief financial officer for Texas Tech said they are auctioning off the home because the university system has decided to host events at the new events center at the Texas Tech University Health Sciences Center, as well as the new System Building.
Scott Lacefield, Executive Director of media relations and communications for the chancellor’s office said Chancellor Tedd Mitchell decided not to live at the home due in part to his ownership of horses and for other personal reasons.
Cindy Johnson said the auction was the first she had ever attended.
“I’m looking for a sofa. Ours is 30 years old,” Johnson said. “I don’t think I have enough money for the house.”
Sanford said his parents are excited about purchasing the home.
“We’re real excited. We’re lifelong residents of Lubbock and my mom’s a Texas Tech graduate so she was excited to kind of be a part of Tech’s history with this and also in a way, kind of give to the university system,” Sanford said.
Lacefield said there were 27 registered bidders at the auction Saturday.
The funds from the sale will be placed in an endowment to be used in perpetuity for the best interest of the system and the universities, according to Barnes’ statement.