by J. Craig Anderson and Rebekah L. Sanders - Sept. 4, 2008 12:00 AM
The Arizona Republic
Beverly Hills-based auctioneer Kennedy Wilson Auction Group plans to auction off 30 model homes in a number of Valley communities this month, promising luxury living at 50 cents on the dollar.
The Trend Homes-built models up for auction include six at the Lakes at Annecy and seven at Marque at Cooley Station, both in Gilbert. Another nine model homes are located at Tartesso in Buckeye, and eight more at Cortessa in Waddell, near Surprise.
Kennedy Wilson said each home is fully finished and landscaped as is the custom with high-end model homes.
The auction is scheduled for 1 p.m. Sept. 14 at the Hyatt Regency Scottsdale Resort and Spa at Gainey Ranch, with minimum bids starting at $90,000.
Unlike "reserve" auctions, in which a seller may refuse the highest bid, Kennedy Wilson President Rhett Winchell said all winning bids at or above the minimum would result in a sale.
Kennedy Wilson also will host two free seminars for first-time bidders a week prior to the auction.
Gilbert home builder Trend Homes, filed for Chapter 11 reorganization in January and was purchased by Najafi Cos. in June. Last month, a Valley land bank that bought and sold lots for Trend also filed for bankruptcy protection.
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