J.P. King sells 291 acres for $13.6 million

HARRISBURG, PA – J.P. King Auction Company sold 291 acres of residential land in Harrisburg, Pa., for $13,644,794 in a sale that demonstrated the power of the company’s advanced multi-parcel sales methods.

The land – offered in nine parcels – had been owned for more than a half century and had never been placed on the market. Forty-three registered bidders turned out for the one-hour event, in which the land sold to four different buyers.

The total sale price came in “on the high end of our expectations,” said Stabler trustee Sherrill Moyer. “We were very, very pleased with the outcome, and with the job done by J.P. King. Everything went off like clockwork,” said Moyer.

One of the parcels included a four-bedroom home.

By offering the land in parcels, J.P. King opens the bidding to more bidders, resulting in stronger competition for the property. Individuals are allowed to combine parcels in additional rounds of bidding, with the property selling in the combination that brings the highest total price for the seller.

The bidders were part of a group of about 150 who gathered under and around the tent on the property, where hors d’oeuvres and live music set the atmosphere. The auction itself lasted approximately an hour.

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