Associated Press - March 5, 2010 10:25 AM ET

KNOXVILLE, Tenn. (AP) - The University of Tennessee has put the president's house on the market.

The Georgian-style brick home is in the upscale Sequoyah Hills neighborhood on Fort Loudoun Lake. The 11,416-square-foot house sits on a 3.4-acre lot and has a tennis court, boat house, deck and garden.

It was formerly where UT presidents and chancellors lived.

A news release from the university said the house was put on the market Friday and Coldwell Banker real estate agent Jim Ford was chosen to handle inquiries.

State law required the property to be sold by sealed bid. Prospective buyers have until April 30 to submit bids.

Six UT presidents and chancellors have lived in the house.

The university Board of Trustees voted in October to sell it and the State Building Commission has approved disposing of it.

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