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Buyers flock to NJ for biggest residential auction ever.

Sheldon Good & Company Auctions NorthEast and DJM Realty are set to conduct largest residential real estate auction in New Jersey's history.

The auction stems from the bankruptcy of scandal-ridden NJ Affordable Homes Corp. which was alleged to have sold at least $40 million in unregistered notes to more than 490 investors throughout the United States in connection with their participation in a Ponzi scheme.

Sheldon Good in a joint venture with DJM Realty, a national real estate disposition firm based in Melville, New York, was retained by Charles M. Forman, the chapter 7 trustee appointed for NJ Affordable Homes Corp. to sell at auction 340 properties owned and controlled by NJAH.

Forman, of the law firm of Forman, Holt & Eliades, LLC, said: "The auction sale of the NJAH portfolio is the most efficient and cost-effective method of generating a substantial pool of funds from which those who were hurt by this massive fraud can be compensated."

"Private investors, conventional lenders, other parties and the community as a whole have been victimized by the scheme. We believe that the auction method devised by this real estate; team will result in the expeditious sale of these properties thereby ultimately benefiting all concerned, including the investors, lenders, tenants and their neighborhoods."

Jeffrey Hubbard, executive managing director for Sheldon Good & Company Auctions NorthEast, LLC, said: "This will be the largest residential auction thus far to be conducted in New Jersey, and most likely, in the United States.

"This auction will have something for everyone: the builder, homeowner, developer and investor. The portfolio of properties includes 80 single-family homes, 78 two-family homes, 96 three-family homes, 19 four-family homes, 2 six-family residences, 57 parcels of land, and 8 commercial properties. This extensive portfolio includes property in every county in New Jersey except two. 195 properties are located in the Essex County area."

Mr. Hubbard said that all properties would be sold absolute regardless of price, free and clear of liens, subject to the approval of the United States Bankruptcy Court District of New Jersey presiding over NJAH's bankruptcy case.

The auction venue is being announced for September 29, 30 and October 1 at the Meadowlands Convention Center in Secaucus, NJ.
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Publication:Real Estate Weekly
Date:Sep 6, 2006
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