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Mill Appraisal
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Hello, All,
At his request, I am working with a potential buyer for the Wilburn Mill (aka Fall River Mill) in Lawrence County, Tennessee, about 70 miles west of us. The mill is in good structural condition, and most of the machinery is intact, especially the roller milling equipment. There is a good (small) water wheel and a water turbine at the site, and the dam is in very good condition. The buyer wishes to restore the mill, the old store building, and two old houses on the property. He owns a company in Florida that specializes in group tours of historic locations in the U.S. His bank has required an appraisal of the property (about 68 acres with the structures), and I met with the broker and the appraiser yesterday at the mill. The appraiser has no knowledge of mills, and didn't even understand that the purpose of this mill was to grind grain to produce meal and flour. He asked me if I could furnish any recent sales prices for comparable mills, so I am trying to work on that. This mill is a wood frame, boxy three story building with no special architectural features, and has a metal roof and weatherboard siding. It reminds me somewhat of Beck Mill in southern Indiana, which was recently restored for about $1.4 million. If any of you know of any similar mills that have sold in your area, please let me know. It will be difficult I know to find a property very similar to this in acreage, structures, etc., but any help will be greatly appreciated.
Thanks to all,
John Lovett, Falls Mill & Museum
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