Bank Ordered Auction Brings Over $6 million

 

In a bank-ordered real estate auction on Saturday, J. P. King Auction Company, the nation’s leading real estate auction marketing firm, sold $3.7 million in real estate. Saturday’s sale, which ended a five-day auction campaign covering Birmingham, Montgomery and Pensacola, Fla., included the Comfort Inn Birmingham Airport and the historical Ideal Building in downtown Birmingham.

The auction Saturday attracted 83 registered bidders from Alabama, Mississippi, Georgia, Florida, California, North Dakota and Canada at the Perimeter Park Hilton, which included a packed-house audience of nearly 200 attendees.

“I was happy that we were able to generate $6.5 million in sales for our bank clients and enabling them to put that money back into new loans,” said Craig King, president and CEO of J. P. King Auction Company, “The turnout at today’s auction demonstrates that there are buyers out there for quality properties like we had today.”

Other sales in the auction included a convenience store in Shelby County, which sold on for $1.8 Million, a beach-front home in South Walton County and a condominium in Perdido Key. Birmingham’s Comfort Inn brought just under $3 million.

J. P. King Auction Co., based in Gadsden, Ala., is the nation’s leading real estate auction marketing firm specializing in high-value properties such as luxury homes, land, ranches, condominiums, commercial properties and developments. J. P. King has marketed upscale properties in 49 states and six countries with recent sales in Texas, Georgia, Florida and Tennessee. This sale is conducted through its asset division, which serves corporate clients, financial institutions and government entities in the disposition of strategic assets.