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KENNEDY-WILSON SELLS OVER 450 HOMES AT BLOCKBUSTER FREDDIE MAC AUCTION

 SANTA MONICA, Calif., July 1 /PRNewswire/ -- Kennedy-Wilson, Inc. (NASDAQ: KWIC) sold a total of 462 residential properties at four auctions held on June 10, 12 and 13 for Freddie Mac. The sale, consisting of single family homes located throughout Los Angeles, Riverside, San Bernardino and Orange Counties, grossed in excess of $49 million.
 The majority of the properties in the auction were offered on an "absolute" basis, meaning that the homes were sold to the highest bidder regardless of price. More than 15,000 people called Kennedy-Wilson's headquarters to request a brochure, and over 1,600 bidders attended the four sales vying for the home of their dreams.
 A three-bedroom, two-bath home in Diamond Bar with a list price of $165,000 sold at auction for $147,900. "I think I got a good deal on my home," said buyer Metsue Leonardo. "This was my first auction, and I was very impressed with how smooth the process was from start to finish."
 "We are very pleased with the results of the auction," said Debra Johnson, director of real estate operations for Freddie Mac. "We have been using auction-marketing for quite some time as a quick and cost- effective means to market our real estate portfolio," she said, "and for us, the Freddie Mac/Kennedy-Wilson partnership has been quite successful."
 Last July, Kennedy-Wilson held a sellout auction of 213 Southern California homes in its first auction for Freddie Mac. The one-day absolute sale grossed a total of over $27 million.
 For more information on upcoming auctions, please call 800-522-6664. Freddie Mac is a stockholder corporation chartered by Congress in 1970 to increase the availability of mortgage money in support of home ownership and rental housing. Over the years, Freddie Mac has helped finance one in six American homes.
 A pioneer in the field of real estate auction-marketing, Kennedy- Wilson, Inc. has sold in excess of $2 billion of residential, resort, and commercial real estate since its incorporation in 1979. In addition to its Santa Monica headquarters, the company has offices in Atlanta, Boston, Chicago, Dallas, Ft. Lauderdale, Honolulu, Houston, London, New Orleans, Newport Beach, New York, Phoenix, Palm Springs, Santa Barbara and San Francisco.
 -0- 7/1/93
 /CONTACT: Randall G. Dotemoto, chief financial officer of Kennedy- Wilson, 310-314-8432 or Edmund R. Belak, Jr. of Georgeson & Company, 212-440-9801, for Kennedy-Wilson/
 (KWIC FRE)


CO: Kennedy-Wilson, Inc.; Federal Home Loan Mortgage Corporation ST: California IN: SU: RLE

MP-LG -- NY078 -- 7830 07/01/93 14:56 EDT
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Publication:PR Newswire
Date:Jul 1, 1993
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