Falls of Gouges Creek
This is a high, scenic cascade which comes off a rounded rock face and gets steeper near the bottom, before ending in a crevice-like area at the base.
This waterfall - and 542 acres of land around it - were up for sale a few years ago for five and a quarter million dollars at this MLS listing, which is now expired.
However, since 12/21/2012, the land is listed in Mitchell County's records as being owned by "130 OF CHATHAM LLC", which I believe is good news to those of us who don't like to see rampant development around waterfalls. This is the company that Tim Sweeney, computer gaming mogul and conservationist, has been using to buy land across North Carolina for preservation. Although it doesn't mean the public gets to access the waterfall, it does appear that the land has fallen into good hands at the bargain price of about $2.2M.
There are several other large parcels near this one owned by the same company.
The falls is not far from downtown Spruce Pine, NC, at the end of Thomas Road off of Gouges Creek Road. The falls is on private property.
I've seen at least one reference that says you should just part at the end of the road and walk a short distance to the falls, but it's on private property, so you shouldn't tresspass.