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.