140 Library LN, Banner Elk, NC 28604 – 256603

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CIC North Carolina

northcarolinabroker@callitclosed.com +1(833) 242-7007

$2,200,000

Est. payment - /mo

5 Beds

4 Baths

3,723 SqFt

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Key Details

Property Type Single Family Home

Sub Type Single Family Residence

Listing Status Active

Purchase Type For Sale

Square Footage 3,723 sqft

Price per Sqft $590

MLS Listing ID 256603

Style Traditional

Bedrooms 5

Full Baths 4

HOA Y/N No

Abv Grd Liv Area 3,723

Year Built 1897

Annual Tax Amount $4,563

Lot Size 2.700 Acres

Acres 2.7

Property Sub-Type Single Family Residence

Property Description

A Historic Lees-McRae Legacy with Timeless Character & Modern Comforts. For the first time since its founding in 1897, this treasured family estate is being offered for sale. Rich in history and full of enduring charm, 140 Library Lane was the home of Reverend Edgar Tufts who founded Lees-McRae College. Surrounded by campus in the heart of Banner Elk, this stately 5-bedroom, 4-bath home (inc. a separate 1-bedroom, 1-bath fully furnished guest apartment over the garage) is a truly rare offering. Old-world craftsmanship is evident throughout, with original wood floors, solid wood doors, wide baseboards, and beautiful wormy chestnut trim. Three grand stone fireplaces—now converted to natural gas—anchor the living spaces, while a wood-burning stove adds rustic charm and warmth. Modern upgrades blend seamlessly into the home's character, including new appliances, updated siding and windows (post-hurricane), a large new deck nestled among the trees, and 2 spacious storage sheds for added convenience.The grounds are just as enchanting, offering peaceful vignettes throughout: a welcoming stone front porch, 2 addt'l stone patios, a swing beside a quiet pond, blooming flower gardens, mature apple tree, prolific blueberry bushes, and stone walkways that invite you to explore the beauty of this timeless setting. Currently zoned R-2, the property permits accessory buildings, accessory dwellings, home occupations and other special uses. With direct frontage on Highway 194 and surrounded by campus, rezoning for commercial or institutional use is viable, subject to approval by the Town of Banner Elk. Beyond its architectural and natural beauty, this home holds significant historical importance. Lovingly stewarded by the Tufts family for over 125 years, 140 Library Lane is not just a property—it is a piece of Banner Elk's soul. This is a once-in-a-generation opportunity to own a landmark filled with heart, heritage, and limitless potential. Schedule your private showing today.

Location

State NC

County Avery

Community Long Term Rental Allowed, Short Term Rental Allowed

Area 8-Banner Elk

Rooms

Basement Interior Entry, Partial, Unfinished

Interior

Interior Features Attic

Heating Electric, Forced Air, Fireplace(s), Gas, Hot Water, Radiant Floor, Wood Stove

Cooling Central Air, Other, See Remarks, Zoned

Fireplaces Number 3

Fireplaces Type Three, Stone, Vented, Gas

Fireplace Yes

Appliance Dryer, Dishwasher, Electric Range, Electric Water Heater, Microwave Hood Fan, Microwave, Refrigerator, Washer

Laundry Washer Hookup, Dryer Hookup, Main Level

Exterior

Exterior Feature Storage, Gravel Driveway

Parking Features Attached, Driveway, Garage, Two Car Garage, Gravel, Oversized, Private

Garage Spaces 2.0

Garage Description 2.0

Community Features Long Term Rental Allowed, Short Term Rental Allowed

Utilities Available Cable Available, High Speed Internet Available

View Y/N Yes

Water Access Desc Public

View Trees/Woods

Roof Type Architectural,Shingle

Porch Covered, Multiple, Open, Patio, Stone

Building

Story 2

Entry Level Two

Foundation Basement

Sewer Public Sewer

Water Public

Architectural Style Traditional

Level or Stories Two

Additional Building Guest House, Living Quarters, Shed(s)

Schools

Elementary Schools Banner Elk

High Schools Avery County

Others

Tax ID 1859-17-00-9120-00000

Acceptable Financing Cash, Conventional, New Loan

Listing Terms Cash, Conventional, New Loan

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Listed by 828 Real Estate

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CIC North Carolina

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140 Library LN Banner Elk, NC 28604

CIC North Carolina

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

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140 Library LN