Alfa Sells Approximately 954.2 Acres in Land Auction.

MONTGOMERY, Ala. -- Alfa sold approximately 954.2 acres of land for $2.88 million Thursday in a three-hour auction that attracted 23 registered bidders, with J.P. King Auction Company managing the sale.

The land, located between the Montgomery Regional Airport and the Hyundai Plant, had been owned by Alfa for decades.

Bidders gathered in a ballroom at the Embassy Suites Hotel in Montgomery for the event, which featured live music, hors d' oeuvres, and numerous rounds of bidding, according to Craig King, president of J.P. King.

"We sold 24 different parcels to seven different buyers, and there was a lot of bidding on different combinations of parcels as bidders sought to obtain the best combinations for their needs," said King.

Mark Fain, vice president of Alfa Properties Inc., said he was pleased with the turnout.

"As always, J.P. King did a good job with the auction, and the market sets the price. With a good field of bidders and three hours of bidding, you have to feel that you achieved a fair market price, even if you wish it were a more dynamic market," said Fain.

Most of the properties were located south of U.S. 80 and west of U.S. 31.

J.P. King is the nation's leading auction marketing firm specializing in high-value properties such as land, superluxury homes, condominiums, ranches and developments. Upcoming sales include homes in Colorado, New Hampshire and Florida, as well as a historical ranch and guest ranch in Colorado. Individuals interested in more information about those and other sales may contact J.P. King at [phone] or visit the company's web site at www.jpking.com.