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A Historic Lees-McRae Legacy with Timeless Character, Modern Comforts, and Unmatched Location! Rich in history and full of enduring charm, 140 Library Lane was the home of Reverend Edgar Tufts, founder of Lees-McRae College. Perfectly positioned in the heart of Banner Elk and adjacent to the vibrant downtown scene"”town park, restaurants, boutique shops, theaters, galleries, and a yoga studio"”plus seasonal attractions like the Farmer's Market, concerts, festivals, and parades. Yet, despite its incredible convenience, the property offers 2.7 acres of privacy with sweeping mountain vistas, creating a peaceful retreat just steps from it all. This stately 5-bedroom, 4-bath home (including a separate 1-bedroom, 1-bath fully furnished guest apartment over the garage) showcases old-world craftsmanship 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, complemented by a wood-burning stove for rustic charm and warmth. Modern upgrades blend seamlessly into the home's character: new appliances, updated siding and windows (post-hurricane), a large new deck tucked among the trees, and two spacious storage sheds for added convenience. The two-car garage is wired for an electric vehicle, and a large workshop/studio with a 220v/45 amp outlet is ideal for creative or professional projects. The grounds are equally enchanting, offering peaceful vignettes: a welcoming stone front porch, multiple stone patios, a swing beside a quiet pond, blooming flower gardens, rhododendron groves and stone walkways that invite you to explore. Currently zoned R-2, the property allows 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 also viable, subject to town approval. Lovingly stewarded by the Tufts family for over 125 years, 140 Library Lane is more than a home"”it is a landmark, a story, and a rare opportunity to own a piece of Banner Elk's soul.
| DAYS ON MARKET | 66 | LAST UPDATED | 7/1/2025 |
|---|---|---|---|
| TRACT | None | YEAR BUILT | 1897 |
| COMMUNITY | 8-Banner Elk | GARAGE SPACES | 2.0 |
| COUNTY | Avery | STATUS | Active |
| PROPERTY TYPE(S) | Single Family |
| Elementary School | Banner Elk |
|---|---|
| High School | Avery County |
| ADDITIONAL DETAILS | |
| AIR | Central Air, Other, Zoned |
|---|---|
| AIR CONDITIONING | Yes |
| APPLIANCES | Dishwasher, Dryer, Electric Range, Electric Water Heater, Microwave, Refrigerator, Washer |
| AREA | 8-Banner Elk |
| BASEMENT | Interior Entry, Partial, Unfinished, Yes |
| CONSTRUCTION | Frame, Vinyl Siding, Wood Siding |
| EXTERIOR | Storage |
| FIREPLACE | Yes |
| GARAGE | Attached Garage, Yes |
| HEAT | Electric, Fireplace(s), Forced Air, Hot Water, Natural Gas, Radiant Floor, Wood Stove |
| INTERIOR | High Speed Internet |
| LOT | 2.7 acre(s) |
| PARKING | Gravel, Attached, Driveway, Garage, Oversized, Private |
| SEWER | Public Sewer |
| STORIES | 2 |
| STYLE | Traditional |
| SUBDIVISION | None |
| TAXES | 4563.57 |
| UTILITIES | Cable Available |
| VIEW | Yes |
| VIEW DESCRIPTION | Trees/Woods |
| WATER | Public |
| ZONING | R2 |
MORTGAGE CALCULATOR
TOTAL MONTHLY PAYMENT
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Listing provided by Corrinne Loucks, 828 Real Estate, (828) 386-6047
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