Nearly $50 Million Worth of Property to Be Auctioned

Nearly $50 million in prime residential and commercial properties throughout California will be offered by auction at starting bids averaging about 50% below previous asking prices, according to Robert D. Friedman, president of the Santa Ana-based Real Estate Disposition Corp.

The auction is scheduled for Aug. 23 at the Hyatt Regency in Irvine, beginning at 11 a.m.

Friedman said that more than 60 properties are being auctioned as bank foreclosure or developer liquidation items, and that most are being offered with bank financing already in place to qualified buyers.

The largest offering is a 172-acre residential parcel in Riverside previously priced at $9 million; starting bids on this property will begin at $4.4 million. At the other end of the spectrum is a three-bedroom, two-bath mobile home on a 6,000-square-foot lot, four blocks from the water at Salton Sea Beach; the unit had a previous asking price of $47,500 and will enter the auction with a starting bid of $5,000.

For further information, call project director Dave Shiokari at (714) 432-8353.