Auction of Jody Nelson real estate tops $8.68 million

AUSTIN, TEXAS (Sept. 30, 2006) – The three-day, four-city series of auctions of Jody Nelson properties brought in a total of $8.68 million after Saturday evening’s sale of Nelson’s Lake Travis home in Austin.

“We went 23 of 23 – selling all of the properties the court asked us to sell. And by all accounts, the receivers who retained us to market the properties were delighted,” said Craig King, president of J.P. King Auction Company, which marketed the properties and managed the events.

The final chapter of the auction was written Saturday in Austin, where 21 bidders gathered for the auction of the lake home, resulting in a sale for $737,000. That brought the total for the sale of assets to the final price of just over $8.68 million.

As expected, the biggest of the four auction events was the Friday sale of 12 properties in the Lubbock area. That sale drew more than 100 people – 57 of them registered bidders – who jammed into a Lubbock hotel ballroom Friday for the sale of an airport, a mansion, a travel center and nine other properties.

The Lubbock auction resulted in sales of $6.238 million, including $2.3 million for Town & Country Airport. A second big-ticket item was Chisum Travel Center, a Lubbock truck stop, which sold for $1.65 million.

On Thursday, auctions in Possum Kingdom, Texas, and Ruidoso, N.M., resulted in sales of $1.7 million. In Possum Kingdom, 24 registered bidders jammed into Lakeview Lodge on Possum Kingdom Lake for the sale of the lodge, two homes, two condominiums and a service station for a total of $1.1 million.

The Ruidoso sale, also on Thursday, drew such a crowd that bidders were standing in line for a spot on the auction floor. The New Mexico sale of two homes and three home sites drew 59 bidders, who paid $603,000 for the properties.

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