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Small buyers continue to dominate as Kimball land auction two-day total tops $26 million
BRANDENBURG, Ky. (Nov. 7, 2008) - For the second straight day, small bidders continued to emerge as victors in the competition for 27,212 acres of timberland being sold at auction by Kimball International. In Friday's sale of 5,993 acres for $10.243 million, 14 different buyers purchased timberland, according to Woltz & Schrader Auctions.
"For the second day in a row, the larger bidders were in there pitching, but the smaller buyers once again asserted themselves and purchased much of the land," said Rex Schrader, president of the auction company. "It will be interesting to see if this pattern holds Saturday when we sell the 11,729 acres in the Sturgis area."
Saturday's sale includes the land known as the "Game Trails" hunting property, which has been featured on numerous outdoor programs because of its world-class deer hunting.
"We're seeing bidders who are seeking to purchase the land for its investment value, which is considerable because of Kimball's careful management of the extensive hardwood timber stands. But we are also seeing many bidders - and buyers - seeking land for their own personal use for recreation and personal enjoyment as well as its investment value," said Schrader.
With a two-day total exceeding $26 million, Kimball officials were pleased with the turnout for the first two days.
We've had hundreds of bidders competing for a total of 11 hours at this point, so we have to feel that we're getting the best possible outcome in this market environment," said Martin Vaught, spokesman for Kimball.
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.