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Kennedy Wilson Sells over $13M at Texas Auction

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  Published in Business and Finance on Wednesday, June 9th 2010 at 3:40 GMT by Market Wire
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BEVERLY HILLS, Calif.--([ BUSINESS WIRE ])--International real estate investment and services company Kennedy Wilson (NYSE: KW) today announced that it offered and sold 27 homes of the 27-story twin point towers at Palisade Palms, a beachfront luxury condominium project located in Galveston, TX, through an auction it conducted on Sunday, June 6th at the Omni Houston Hotel.

"Our auction buyers were willing to pay a fair price for these desirable homes and the seller benefited from ideal absorption in a challenging market"

The auction was standing room only, attracting over 600 people for the units, and the average price was $489,801, exceeding the sellera™s expectations. Homes ranged from 1,044 to 2,767 sq. ft. with two to four bedroom suites.

aOur auction buyers were willing to pay a fair price for these desirable homes and the seller benefited from ideal absorption in a challenging market,a stated Rhett Winchell, president of Kennedy Wilson Auction Group. aKennedy Wilsona™s proactive auction methodology is perfect for luxury homes in great locations, as represented by our results at Palisade Palms.a

About Kennedy Wilson Auction Group

Since its inception, Kennedy Wilson Auction Group has conducted many successful auctions of condominiums and single family homes throughout the U.S., Europe and Asia. The company manages ballroom style, site-to-site and online auctions for all types of real estate. Please visit [ www.bidkw.com ] for more information about upcoming auctions.

About Kennedy Wilson

Founded in 1977, Kennedy Wilson is an international real estate investment and services company headquartered in Beverly Hills, CA with 22 offices in the U.S. and Japan. The company offers a comprehensive array of real estate services including property and asset management, brokerage and auction services, and construction and trust management. Through its fund management and separate account businesses, Kennedy Wilson is a strategic investor and manager of real estate investments in the U.S. and Japan. For further information on Kennedy Wilson, please visit [ www.kennedywilson.com ].

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