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Ritchie Bros. Auctioneers (NYSE: RBA), the auctioneer that is conducting a unique Hollywood Hills real estate unreserved auction, announces that it will be holding official due diligence days for prospective buyers to learn more about the Laurel Canyon property being sold in November. The due diligence days include one-on-one time with the engineering firm responsible for soil testing and drilling on the 11.95+/- acres of land in the auction, as well as a free helicopter tour of the property and neighborhood from Van Nuys Airport. "We are holding these due diligence days on October 27 and November 1," says Kieran Holm, Sales Manager for Ritchie Bros. Auctioneers Real Estate division. "This is the ideal time and a great opportunity for people who are interested in bidding at the auction to find out the information they need to be ready for the sale." The auction is being held on November 17, 2007 at 11am at the Beverly Hills Hotel in California. Approximately 11.9 acres of prime residential land in the Hollywood Hills will be sold to the highest bidder - regardless of price - at the unreserved public auction. The property is situated off Laurel Canyon Boulevard, across from the historic Canyon Country Store - where musicians like Jim Morrison, Frank Zappa and Joni Mitchell are known to have held impromptu gigs back in the '60s. Today the entire Laurel Canyon neighborhood is a mix of new and mature homes, an eclectic area for residents to "get away from it all," yet still be minutes from Hollywood, Studio City and the Burbank airport. It's an area of California where 11.9 acres of residential land is rarely, if ever, available. The current owners of the property hired Khatri International, an engineering firm based in Pasadena, to coordinate soil reports, drilling and geotechnical investigations on the property's hillside, with final reports showing that rock is only 4 to 5 feet down. About Ritchie Bros. Ritchie Bros. is the world's largest auctioneer of industrial equipment, operating through over 110 locations in more than 25 countries around the world. The Company sells, through unreserved public auctions, a broad range of used and unused industrial assets, including equipment, trucks and other assets utilized in the construction, transportation, material handling, mining, forestry, petroleum, marine, real estate, and agricultural industries. The Company maintains a web site at www.rbauction.com, and is maintaining a special web site for the Hollywood Hills auction at www.hollywoodhillsauction.com. DISCLAIMER NOTE: The information in this news release has been obtained from sources believed reliable. While Ritchie Bros. does not doubt its accuracy we have not verified it and make no guarantee, warranty or representation about it. It is the buyer's responsibility to independently confirm its accuracy and completeness. All measurements are approximate and must be verified by the buyer prior to the auction. Any projections, opinions, assumptions, or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to the buyer depends on tax and other factors which should be evaluated by the buyer's tax, financial, and legal advisors. The buyer and the buyer's advisors should conduct a careful, independent investigation of the property to determine to the buyer's satisfaction the suitability of the property for his/her needs.
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For more information visit www.hollywoodhillsauction.com.
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