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RTC NORTHERN CALIFORNIA AUCTION TAGGED A HUGE SUCCESS; SALE NETS MORE THAN $7 MILLION FOR GOVERNMENT AGENCY

 SAN FRANCISCO, July 30 /PRNewswire/ -- With the numbers in and final tallies complete, the Resolution Trust Corporation (RTC) is calling their major auction of prime Northern California properties a huge success.
 Held Saturday, July 24, at the Hyatt Regency San Francisco Airport, the sale of residential and commercial properties and vacation intervals netted $7,677,200 for the government agency, according to Frederick D. Smith, sales director of the California office. "Ten of 10 commercial properties were sold, bringing in $5,488,000," said. "All 11 of the residential properties and 85 vacation intervals, were sold for $2,199,200."
 Smith went on to say that, "the auction was clearly a huge success which will benefit everyone involved form successful bidders to taxpayers. The sale, provided bidders with an excellent investment opportunity and the auction marked another positive step towards resolving the S&L crisis."
 The commercial properties -- some in Fresno, San Jose and Sacramento -- included office, retail and bank branch buildings. Residential properties for sale included single-family homes and fourplexes in some of the state's most sought-after locales, including San Francisco, Latrobe and Sacramento. Also included in the auction were two vacation interval developments - one in San Francisco and one in South Lake Tahoe.
 Kennedy-Wilson, Inc., one of the nation's leading auction-marketing firms, was selected by the RTC to conduct the auction.
 Established in 1989, the RTC is responsible of reselling assets of all types from insolvent savings institutions. The RTC conducts auctions of this type nationwide through Kennedy-Wilson as well as other auction firms.
 -0- 7/30/93
 /CONTACT: Michael Cherenson or Lee Cherenson of The Cherenson Group, 201-992-7800, for Resolution Trust Corporation/


CO: Resolution Trust Corporation; Kennedy-Wilson, Inc. ST: California IN: SU: RLE

TS-WB -- NY040 -- 7783 07/30/93 13:06 EDT
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Publication:PR Newswire
Date:Jul 30, 1993
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