The next president of the University of Tennessee won't be homeless, but he likely won't live in the four-story, 11,000 square foot Gregorian-style brick structure that most college presidents have occupied since 1960.

With an annual operating budget of $180,000 a year, university officials think it would be cheaper to just give the next president a housing allowance and sell the waterfront house that sits on 3.4 acres.

School officials figure it's a good time to do it because the current president has resigned and will be leaving soon and the school hasn't hired a permanent replacement yet.

There was no word on how much money the university would offer the next president for a housing allowance, but it is not expected to be anywhere close to the $16,000 monthly cost for upkeep, operations, maintenance and repair on the five bedroom house with four full bathrooms and two partial ones.