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Price's Barbecue House (Jeff Price)

Price's Barbecue House, a favorite dining spot among Auburn fans and residents since its opening nearly 40 years ago, will close sometime this year.

Owner Jeff Price confirmed the news today that he has sold the property on South College Street where the barbecue house is located to a commercial developer. At this time, an official closing date for the restaurant is still up in the air.

"I just kind of felt like Auburn is in a huge growth spurt right now where everything is frenzied a little bit, and I feel like that's not going to go on forever," said Price. "The time is right and the price is right so it's just a good time for me to get out."

Price and his parents, Lorene and Jesse, opened Price's Barbecue House in 1978. At the time, Price was a student at Auburn University. As an adult, he later returned to the area to take over the restaurant for his parents.

Price said he is hoping that the barbecue house will be able to remain open through the fall of 2016, but cannot guarantee anything at this time.

"We have been negotiating about possibly staying on at least until the end of the fall, but I'm not sure that's going to work out," said Price. "We could be out of here by the end of May."

The news that Price's Barbecue House will be closing spread quickly on Tuesday through social media, and Price, 59, said the restaurant has been buzzing with customers and phone calls since then.

"For the most part, everybody has been really sad, and it's been a pretty emotional process for me as well," said Price. "I'm an Auburn man, you know. I graduated from Auburn and I've been back here the last 30 years running this. Most of these people have been understanding and very kind, but obviously upset."

Price said that while the current location of the barbecue house is closing, he's open to the idea of opening up somewhere else. However, he said he would likely take on a lesser role in any new locations.

"We may attempt to relocate," said Price. "That's by no means out of the question. I probably wouldn't operate it, but I would certainly be happy to help a long-time employee or a buyer or someone get on their feet. The value of this property has just gotten to a point I'm afraid it won't reach again for a while."

Price's Barbecue House is open Monday through Friday from 7 a.m. until 8 p.m. For more information, visit their website.