Sold - Ocean City Condominiums

OCEAN CITY, MD. -- Two luxury condominiums atop the
Mayfair Beach Condominiums in Ocean City, Md., sold for $1.05 million
on March 31, with J.P. King Auction Company managing the sale.

Purchasing one unit was Jeffrey Debois, of Ocean Springs, Md., who paid
$538,000. The second unit went for $512,000 to Nancy Reither, of Ocean

The auction was J.P. King's second successful condominium auction in
three days. On Thursday, the company sold two penthouse units on Singer
Island, in South Florida, for $4.9 million.

"These two sales are just the beginning. Developers all over the
country overbuilt, and now they're sitting on empty units in a crowded
marketplace.  A lot have been watching these sales to see what kind of
results an auction can achieve, and I think they'll like what they
see," said Craig King, president of J.P. King.

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