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University of Tennessee President gets rug pulled from under his feet

It looks as if the recession may be forcing the Univeristy of Tennessee to sell its Presidential Home after current President John D. Petersen moves out next month. Sequoyah Place is an 11,000 square foot Georgia style mansion, which has acted as the presidents home since 1960. We found this article interesting because it notes that the previous president went a little overboard on spending for the home, including a $97,000 walk in closet and the purchase of a $7,000 Persian rug.

The budget for the house was at $192,251 for 2009 and unless we are missing something huge, it doesn't take close to $200,000 dollars a year to maintain a house! The previous president, John W. Shumaker was quoted as saying "You have to spend money to make money" in reference to holding fund-raising events at the home. While we believe that rugs are a great investment, when you are furnishing your house with a school budget, we would advise to stay away from unnecessary purchases.  Here are our top 5 most affordable Oriental Rugs.  If you're looking for rugs as an investment, try our Oriental Rug Forum.

U Tenn Presidental Mansion
Sequoyah Place



Sources:

http://chronicle.com/news/article/6395/u-of-tennessee-system-may-sell-its-unlucky-presidential-home

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