Glennville Country Estate, Acreage Sell for $2.5 Million

Woody, CA - April 25, 2008 - Glennville Country Estate and its 332± acres sold for $2.5 million Thursday, April 24 in an auction that attracted 14 registered bidders. J.P. King Auction Company managed the sale.

The day's biggest buyer was a resident of Miramonte, California, who purchased approximately 300 acres of land including an A-frame main lodge overlooking a five-acre lake, a five-bedroom ranch house, and two cabins (one on a creek and one on a lake) for $2.3 million. The country estate in the Sierra Nevada foothills has several homes, ponds, stables and a list of former owners that includes the late Lakers owner Dr. Jerry Buss and Washington Redskins owner Jack Kent-Cooke.

A separate property - approximately 32 acres - sold for a total of $192,500 to a resident of Bakersfield, California, which is ideal land for a ranchette or private estate and surrounds both sides of Bear Creek. The auction took place on site, where close to 50 people attended the event, which included live music, hors d'oeuvres, and featured two hours of bidding, according to Craig King, president of J.P. King. Bidders represented various areas from the state of California.

"The current seller, Mr. Ernst Schroeder, restored this property to its pristine original condition," said King. "Overall, we had active bidding for the property and were happy to help the owner sell this very special property."

"We are extremely satisfied with the service J.P. King provided us before and during the auction
process," said Ernst Schroeder Sr., retired CEO and now chairman of the board of Jess Smith and
Sons, one of the area's leading cotton brokerages and who bought the estate 7 1/2 years ago and restored it. "In today's challenging real estate market, the auction process allowed us to find the right buyer and sell the property in a short time frame. J.P. King's staff did everything we asked and without a doubt got the market to the auction."

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