Want to buy a former Lexington school? Auction dates set for these three properties
06 Oct, 2026 - Tranzon Asset Advisors
As seen in Lexington Herald Leader
By Beth Musgrave and Valarie Honeycutt Spears
Fayette County Public Schools will soon auction three school properties to help it come up with additional money to plug an $8 million hole in its budget. Tranzon Asset Advisors and Schrader Commercial Properties have been hired by the district to help market and auction three vacant school properties.
The Nov. 12 auction will feature the former Johnson Elementary School located at 123 E. Sixth Street and the former Linlee Elementary School at 2420 Spurr Road. Linlee was most recently the Rise STEM Academy for Girls, which opened a new building this year. The East Sixth Street building was formerly the George Washington Carver STEM Academy for Boys.
The former Linlee school sits on more than 10 acres at the intersection of Spurr and Georgetown roads, a growing area. Most of the property is vacant land. The building’s footprint is only 12% of the total acreage, according to the listing on Tranzon’s website. The property was valued at $12.8 million in 2026, according to Fayette County Property Value Administration records. It was built in 1927 and its latest addition was completed in 1976. The former Johnson school is a little more than 47,000 square feet and sits on 3.09 acres. It was built in 1939 with multiple additions, the last was completed in 1976, according to Tranzon. In 2026, Fayette County PVA records show it valued at a little more than $4 million.
How to bid on the school buildings
Sealed bids will be accepted on Nov. 10. Those bids will require an initial bidding deposit of $100,000 plus proof of the buyer’s financial wherewithal to close the transaction at or above their written bid amount. If competitive bids are submitted then the highest bidders will be invited to participate in a “best and final” online auction on Nov. 12, bidding for the online portion starts at the highest sealed bid amount.
Two public inspection dates are set for interested parties to tour the properties, discuss sale terms with the brokers and conduct due diligence. The first tour is Oct. 27 and the second is scheduled for Nov. 3. Check www.tranzon.com for specific timing.
The properties are subject to sale prior to the auction date on the same terms and conditions as any purchaser will be required to contract if purchased through the auction event. Prospective bidders should contact the brokers without delay.
The second auction is Dec. 8 and Dec. 15 for the former central office complex at 701 E. Main St. The former central office building sits on 2.43 acres and is 106,147 square feet. Fayette County PVA records show it valued at $13.5 million.
Sealed bids will be due Dec. 8. and the “best and final” auction will be Dec. 10.
A separate auction for a residential building at 700 Bullock Place, which is behind the administration building, will take place on Dec. 15. To find out more about the process, perspective bidders are encouraged to go to www.tranzon.com.
Sale of properties needed to balance books
The district is banking on at least $8 million from the sale of one or all three properties to help it balance its current-year budget. The Fayette County Board of Education recently passed a $751.6 million general fund working budget that included more than $20 million in cuts, the elimination of 120 positions and cuts to staff work days. The cuts and other belt-tightening have been necessary after the district discovered it had misstated its books for decades, causing shortfalls. Prior sales of Fayette County schools’ properties have generated a lot of cash for the district. In April, the district sold the Southside Technical Center at 1800 Harrodsburg Road for $5.5 million to a labor union.
The district merged its two technical schools into one, The Hill on Midland Avenue.