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Small buyers dominate eight-hour, $15.779 million Kimball land auction
FRENCH LICK, Ind. (Nov. 6, 2008) - Small buyers emerged as big winners in Day 1 of the three-day auction of 27,212 acres of timberland being sold by Kimball International. In an eight-hour bidding marathon at the French Lick Resort Casino, the 9,422 acres of land went to 72 different buyers for a total of $15.779 million, according to Woltz & Schrader Auctions, which handled the sale.
"We saw a lot of individuals purchasing 20, 50 or 100 acres at a time for personal enjoyment, recreation and investment, and they simply outbid the larger investors," said Rex Schrader, president of the auction company. "These smaller buyers sometimes base their valuations more on the recreational opportunities and thus are willing to bid more than others who focus simply on the investment return," he said.
Kimball spokesman Martin Vaught agreed. "From the beginning, we hoped to give smaller investors an opportunity to purchase this land, and we're pleased with the outcome," he said.
The three-day auction was scheduled to continue Friday in Brandenburg, Ky., with the sale of 6,031 acres. It will conclude Saturday in Sturgis, Ky., with the sale of 11,759 acres, including the famous "Game Trails" hunting property that has been featured on numerous outdoor programs. As was the case Thursday, the land selling on Friday and Saturday includes numerous small tracts. Details are available at www.schraderauction.com.
Woltz & Schrader Auctions is the nation's leading auctioneer of agricultural, recreational, timber and other types of land throughout the United States. Additional information is available at www.schraderauction.com. Kimball International, Inc. (NASDAQ: KBALB) provides a variety of products from its two business segments: the Furniture segment and the Electronic Manufacturing Services segment. The Furniture segment provides furniture for the office and hospitality industries, sold under the Company's family of brand names. The Electronic Manufacturing Services segment provides engineering and manufacturing services which utilize common production and support capabilities to a variety of industries globally. Additional information (including Kimball's press release regarding the sale) is available at www.kimball.com.