First Community Bank of East Tennessee filed a full-page advertisement in the Times-News on Friday announcing the sale of the country club at public auction. The auction will take place on the steps of the Sullivan County Courthouse in Blountville on Dec. 18 at 1 p.m.
The state of Tennessee has appraised the property at $5.7 million.
A club official said the reason for the sale is because the club and the bank could not reach an agreement over the outstanding debt of the club.
Ridgefields Country Club, which is celebrating its 60th anniversary this year, is struggling financially, with a club official saying last month the club is under some financial strains due to the economy.
However, according to court records and a memo sent to club members last month, the financial challenges of the club go back at least two years, including unpaid city and county property taxes and a federal lien filed by the IRS regarding unpaid payroll taxes.
See Saturday's print edition of the Kingsport Times-News for complete details.
Ridgefields forms panel to chart course out of financial straits