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J. P. King Real Estate Auction Sells Florida Bank-Owned Properties for $8.88 Million

In a four-day series of five auction events, J. P. King Auction Company sold 129 properties for $8.8 million. The events, which began on July 27 in Pensacola and concluded on Saturday, July 30 after events in Tallahassee, Jacksonville, Panama City and Orlando, were conducted on behalf of Hancock Bank.

During the five events, 144 registered bidders from five states and two countries arrived to bid on the bank's inventory, which included single-family homes, Gulf-front condos, land, lots and commercial properties throughout the state.

"Our goal through this event was to reduce out inventory, and we not only accomplished that primary goal, but we are also pleased with the values that came as a result of the auction," said Chris Payne, the vice president of special assets at Hancock Bank. "We're very pleased with the numbers and are appreciative to J. P. King for everything they've done."

Craig King, president and CEO of J. P. King Auction Company, said: "We're always pleased to assist banks with the disposition of these properties. These auctions take sitting real estate and turn the properties back into functioning loans, put families back into these homes and take one more step toward a recovering economy."

J. P. King Auction Company specializes in high-value properties and portfolios such as luxury homes, developments, condominiums, land and ranches. The company has marketed properties in all 50 states and six countries with recent sales in Colorado, Virginia, California, Tennessee and West Virginia. This sale was conducted through the company's asset division, which serves corporate clients, financial institutions and government entities in the disposition of strategic assets.

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