Update: The sale of the old Corbin Elementary and Corbin Intermediate schools through an online auction Saturday afternoon ended with a biding flurry resulting in $525,700 total raised for the school district.
The old Corbin Intermediate School sold for $325,300.
The old Corbin Elementary School sold for $200,400.
The former Corbin Elemetary and Corbin Intermediate School buildings will be auctioned as scheduled on Saturday, but, in light of fears of spreading the conoravirus, it will be entirely online.
Adam Hill, Principal Broker/Auctioneer At Interstate Auction and Realty said the auction will be done via simulcast on the company’s website, https://www.interstateauctionrealty.com/
“It is pretty much the same as a live auction,” Hill explained.
Online bidding for each property has been ongoing.
As of Tuesday afternoon 16 bids have been submitted for the elementary school, with the top bid standing at $20,100. The Intermediate School property has received 32 bids with the top bid standing at $25,100.
“You could enter a maximum bid and if a new bid were made, the computer would automatically increase your bid to counter. Hill said. “It wouldn’t go straight to the maximum, but would counter to the next increment.
The 1 p.m. deadline is not necessarily final. Hill explained that if a bid is submitted within the last three minutes the auction will be extended by three minutes.
“It avoids snipe bidding,” Hill said of the process seen on Ebay where someone will win an auction by posting a bid with seconds remaining in order to keep from being outbid.
Hill said online auctions of property are becoming more popular as it allows bidders from across the country to take part.
“There has been broad interest in these properties,” Hill said, noting in addition to several local people, he has heard from people in Lexington, New York, and even Colorado.
For those who would like to watch the progress of the auction, Hill said they go to the internet site to watch.
Each property is being sold in a single lot.
Each building measures approximately 50,000 square feet and includes a paved parking lot and playground, gymnasium, cafeteria/kitchen area, large office area, and multiple restrooms.
The Intermediate School property also includes the adjoining park area that has multiple basketball courts.
The school system previously held an auction for furnishings and equipment that remained when the schools were closed.
Under the terms of the auction, the winning bidders are required to post 10 percent of the purchases price upon the completion of the sale with the balance due within 30 days.
The buildings were closed following the end of the 2018-19 school year when the third grade moved to the new addition to the Corbin Primary School, and fourth and fifth grades moved to the Corbin Traditional School building on Kentucky Ave as the new Corbin Elementary School
Corbin Schools Superintendent Dave Cox said previously there had been some discussion about using the intermediate school building to allow for the expansion of the programs offered at the Corbin Area Technology Center.
Programs discussed in August included the addition of carpentry, masonry, HVAC, and plumbing.
The technology center currently offers classes in: electricity, drafting, welding, criminal justice, automotive technology, health science and EMT/fire.
However, Cox noted that remodeling the building to house those types of classes, and completing the necessary repairs to it would be more expensive than building a new building.
“It has really small classrooms compared to the technology center, and it needs a new roof,” Cox said.
Finally, Cox noted that the building is more than three times as large as the approximately 15,000 square feet that is needed for the expanded programs.