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Approximately 2,200 acres sell for $886,471 in Albert Burney auction

MADRAS, Ore. (June 30, 2009)—Bidders snapped up approximately 2,200 acres of rarely traded land south of Lake Billy Chinook for $886,471 Saturday in an auction managed by Albert Burney Auction Company.

The three-and-a-half hour auction attracted 40 bidders who focused on smaller parcels of land near the lake, according to Warren Ward, president of the auction company.

“There was great deal of interest leading up to the auction, so we knew we’d have a strong field of bidders.  We conducted 85 tours of the land so people could actually come and see the parcels they wanted to bid on,” said Ward.

The day’s biggest buyer was Portland Gas & Electric, which purchased six parcels totaling more than 1,000 acres, according to Ward.

“Though we were prepared to auction 5,512 acres, it was more than the market could absorb.  The primary interest of the buyers was in the smaller parcels, which brought in 87 percent of the appraised value,” said Ward.

The parcels that did not sell in the auction remain for sale.  Interested individuals may contact the auction company by calling 800-434-1654.

Albert Burney Auction Company, headquartered in Gadsden, Ala., is a leading real estate auction firm specializing in land, developments, luxury homes, resorts and other high-value properties throughout the United States.