Teresa Blair Reno can really enjoy her July 4 vacation this year.

The Fourth of July week has always been when Reno shuts down her restaurant, Teresa’s. Now, she will do so knowing that just a few short weeks later a new owner will take over. The restaurant on Friday afternoon was sold at auction to the owners of Colonial Inn in Russellville – Jim Chestnut and his family – for $300,000 plus a buyer’s premium.

Reno wanted to be able to pay off what she owed on the restaurant building on Gordon Avenue and her house. “Anything else would have just been a blessing,” she said.

Reno said she will have enough to pay off the two and is happy that the restaurant is going to someone who will keep it operating. She doesn’t know the Chestnuts personally but knows the reputation of their Russellville restaurant.

“I’ve had conversations with Teresa over the past two months about how it would be important that someone buy this and keep a restaurant operating, and have it be something that people would want to drive to as well as serve this part of town,” said Joe Natcher, the owner of Southern Foods, who watched as auctioneer Joe Houchens tried to bring the buyer’s bids up.

It took a good while to come up from the opening bid of $250,000. In the end, Chestnut had the winning bid offered by his son, Mike Chestnut.

“This was kind of spur of the moment,” Mike Chestnut said. “So I imagine we will keep it running like it is for a while.”

Reno said most of her employees and the management are willing to stay with the restaurant.

It’s not clear who will manage it or if the name will remain the same.

“I imagine my sister will come down here some,” Mike Chestnut said.

Jim Chestnut, from his Logan County home, said he will discuss the future of the restaurant with his family.

“Whatever we do, it will be home cooking, country style,” he said. “Whether that means we will expand the menu … will depend on what the needs are there.”

Jim Chestnut said he wasn’t sure if the family would have the winning bid.

“You never know what’s going to happen at a sale until you go,” he said.

The Colonial Inn specializes in fried chicken and country vegetables. That restaurant has been around for years. Jim Chestnut moved to Russellville in 1979 and began operating restaurants. He purchased the Colonial Inn in 1987.

Reno has owned Teresa’s for 25 years, having started it on Center Street. She moved to Gordon Avenue 16 years ago. But Reno has been in the restaurant business for 37 years, starting at age 13 waiting tables at a lunch counter in Morgantown.

“This restaurant has been my life,” she said. “I love the people, but I don’t love the business any more. I lost a son and gave up a lot to operate this. I want to be able to enjoy my grandchildren.”

After a July 26 closing date, Reno said she will stay on to consult for a month or so if the buyer needs her help.

Jimmy Diemer of Diemer’s Barbecue was in the crowd watching the auction. Houchens tried to tease a bid out of him.

When asked later if Diemer had come considering a purchase, he said: “You never know unless you show up.”

Diemer, who owns property nearby on Gordon Avenue, was happy to see someone purchase the property that would keep it going as a restaurant.

Others looking on appeared to be happy as well. 

Prior to the auction, many people came in for their usual meat and three.

Richard Rogers owns the car wash next store and eats at the restaurant several times a week.

“This restaurant is the backbone to this whole area of Gordon Avenue,” he said. “Gordon Avenue needs a restaurant like Teresa’s.”

— Robyn L. Minor covers business, environment, transportation and other issues for the Daily News. Follow her at twitter.com/bowserminor or visit bgdailynews.com.