SOURCE: J. P. King Auction Company

J. P. King Auction Company

October 04, 2012 16:08 ET

J. P. King Sells OREO Inventory at Four-Day, Bank-Ordered Real Estate Auction

PENSACOLA, FL--(Marketwire - Oct 4, 2012) -  Conducting its second set of bank-ordered auctions in as many years on behalf of Hancock Bank, J. P. King Auction Company sold 75 percent of the company's selected OREO properties to go to auction, totaling over $15 million in sales between the two four-day events.

Beginning in Pensacola on Monday, September 24, the J. P. King event brought 48 registered bidders from five states that included Florida, Colorado, Oklahoma, Texas and Arizona. Each of the following events in Tallahassee, Jacksonville and Orlando brought nearly 30 bidders each from Florida, California, New York and Texas.

After considering the size of its inventory and the associated carrying cost, Hancock Bank hired J. P. King again to help reduce its holdings before the end of the year. The combination of single-family homes, condominiums, commercial buildings, lots and land brought bidders from both coasts to compete for the bank's properties, which brought a total of $6.7 million at auction.

The auction drew inquiries from 22 states and Canada, with over 500 property information requests. The remaining properties are still available for purchase through J. P. King. Visit the Available Properties section of J. P. King's website or contact J. P. King directly at 800.558.5464.

About J. P. King: J. P. King Auction Company specializes in high-value properties and portfolios such as luxury homes, developments, condominiums and land and ranches. The company has marketed properties in all 50 states and six countries with recent sales in Colorado, Wyoming, Georgia, Florida and Washington. This sale is conducted through the company's asset division, which serves corporate clients, financial institutions and government entities in the disposition of strategic assets.

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