4242 Highway 197, Clarkesville, GA 30523

This is an auction of a bank owned property. The price listed does not reflect a minimum bid amount or reserve price. It is based on the amount the secured creditor bid at the foreclosure auction on July 1, 2025. Bank Owned Property on Lake Burton ONLINE AUCTION 4242 Highway 197 Clarkesville, GA 30523 BID DEADLINE (Starts to Close): Thursday, August 28, 2025 at 11 AM EST ASSET DESCRIPTION: Beautiful 5 bedroom / 4 baths plus 3 half baths home with 3,112 +/- sq. ft. on a 2.43+/- acre lot. Also includes custom two story boathouse with large deck, screened-in family room with kitchenette, two covered lifts and slips for several additional boats and jet skis. THIS IS A BANK OWNED LEASEHOLD INTEREST: A LEASEHOLD INTEREST IN AND TO AND ALL IMPROVEMENTS LOCATED ON ALL THAT TRACT OR PARCEL OF LAND LYING AND BEING IN LAND LOT 105 OF THE FIFTH LAND DISTRICT OF RABUN COUNTY, GEORGIA, BEING GEORGIA POWER COMPANY LEASE LOT 2202, AREA 9 OF LAKE BURTON RECREATIONAL DEVELOPMENT CONTAINING 2.43 ACRES AS MORE PARTICULARLY DESCRIBED UPON THAT CERTAIN PLAT OF SURVEY PREPARED BY T. LAMAR EDWARDS, GEORGIA REGISTERED LAND SURVEYOR NO. 1837, DATED OCTOBER 22, 2008 AND RECORDED IN PLAT RECORDS 60-262, CLERKS OFFICE, RABUN SUPERIOR COURT. REFERENCE IS HEREBY HAD AND MADE TO SAID PLAT OF SURVEY FOR THE PURPOSE OF INCORPORATING SAME HEREIN FOR A DESCRIPTION OF THE PROPERTY HEREIN CONVEYED. THE PROPERTY HEREIN CONVEYED IS SUBJECT TO THAT PORTION OF SAME LYING AND BEING WITHIN THE RIGHT-OF-WAY OF STATE ROAD 197, A PUBLIC ROAD, AND THE RIGHTS OF OTHERS TO USE, MAINTAIN AND REPAIR SAME. SUBJECT TO: LEASE AGREEMENT BY AND BETWEEN KELVIN SLATER AND AMANDA SLATER, AS TENANT, AND GEORGIA POWER COMPANY, AS LANDLORD, DATED JANUARY 17, 2020, RECORDED IN DEED BOOK A47, PAGE 93, RABUN COUNTY, GEORGIA RECORDS ON JANUARY 28, 2020. PROPERTY ADDRESS: 4242 Highway 197, Clarkesville, GA 30523 IMPORTANT AUCTIONEER'S NOTE: On July 1st, 2025, the Secured Creditor conducted a foreclosure auction on the Leasehold Interest at the Rabun County Superior Courthouse. The Secured Creditor placed a successful credit bid of $3,000,000. The Secured Creditor is now the owner of the Leasehold Interest and has elected to offer the property at auction. ONLINE BIDDING REGISTRATION: Online registration and pre-bidding is available now. Bids will be visible beginning August 18, 2025. INSPECTION: By appointment only. Please contact Auctioneer to schedule. Open house dates will be posted soon. You are STRONGLY advised to inspect the property and rely on your own findings. TERMS: Non-refundable earnest money deposit of 10% shall be wired to Auctioneer within 24 hours of contract acceptance. Closing shall occur within 30 days of contract acceptance. LEGAL CONTRACT: Your participation in our auction is your acknowledgement and acceptance of the terms and conditions presented here. Your failure to adhere to any of these terms and conditions may constitute a breach of contract and may cause irreparable harm to the Auctioneer and/or our client. In this event, we and/or our client(s) may attempt to recover any financial or other damages by pursuing any action afforded by law. CLOSING ATTORNEY: Purchaser is responsible for selecting the closing attorney. BUYER'S PREMIUM: There is No Buyer's Premium for this auction. BUYER'S NOTE: Leasehold Interest is being sold "AS IS, WHERE IS" with no warranties expressed or implied. Buyers should carefully inspect. The Leasehold Interest is subject to sale prior to auction end date. Online bid increments are at the Auctioneer's discretion.