140 Library Lane is an iconic in-town historic estate offering nearly 3 private acres in the heart of Banner Elk. Perfectly positioned just steps from Lees-McRae College and moments from downtown, this rare property combines exceptional privacy, timeless character, and unmatched convenience. Enjoy walkable access to acclaimed dining, boutique shopping, concerts, festivals, and greenway trails, while surrounded by the serenity of mature trees, curated landscaping, and expansive grounds. The 4-bedroom, 3-bath main residence with over 3,700 sq. ft. showcases craftsmanship rarely found today, with original hardwood floors, solid wood doors, wide baseboards, and rich wormy chestnut trim throughout. 3 impressive stone natural gas fireplaces anchor the living spaces and reflect the home’s historic charm. The original parlor offers warmth and character, while the spacious family room with abundant windows provides a welcoming gathering space with stone fireplace and rich wormy chestnut accents. There is an office that could be utilized in other ways on the main level. A formal dining area connects easily to the kitchen, creating ideal flow for entertaining. The kitchen features a stone fireplace, high-level granite countertops, a large island with seating, and generous cabinetry complemented by an impressive pantry with pull-out storage. There is a dining table here overlooking the landscaped yard for casual meals. A full laundry/mudroom with sink & storage provides convenient access to the stone patio and outdoor living areas as well as the garage. Upstairs, four bedrooms offer comfort and flexibility, each with its own character. The spacious primary suite includes a sitting area, office space, 2 walk-in closets, a full bath, enclosed water closet and walk-in shower, creating a private retreat within the home. Thoughtful updates enhance both comfort and efficiency, including updated siding, windows, and a new roof, while preserving the home’s architectural integrity. A beautifully designed deck extends the living space outdoors, overlooking the wooded acreage and providing an ideal setting for quiet relaxation. A fully furnished spacious 1-bedroom, 1-bath apartment with over 750 sq. ft. above the oversized heated 2 car garage offers exceptional versatility for guests, extended family, or rental income. The garage includes an EV-capable outlet, and the attached heated workshop with 220v/45-amp service is ideal for hobbies, wood working, studio use, or professional workspace. Additional storage buildings provide further utility. The nearly 3-acre grounds create a private, park-like setting within town limits, featuring stone patios, covered porches, perennial gardens, rhododendron groves, and open lawn areas. Zoned R-2, the property allows for accessory dwellings and home occupations, with potential rezoning opportunities subject to approval. Properties offering this combination of acreage, historic character, flexibility, and premier location are exceptionally rare. Library Lane is one of Banner Elk’s most desirable in-town settings—quiet, established, and adjacent to Lees-McRae College. Properties of this scale and proximity simply do not come to market often. There is a total of 5 bedrooms and 4 baths with the apartment that is not counted in the total square footage. TOTAL SQ. FT. 4,474!. Properties offering this combination of acreage, historic character, flexibility, and premier location are exceptionally rare.