BEVERLY HILLS, Calif., Nov. 8 /PRNewswire-FirstCall/ -- Kennedy Wilson Auction Group, a division of the national real estate services and investment firm Kennedy Wilson, conducted inventory closeout auctions for two Northern California developers. Serita, a gated community in Pinole, situated near the bay waters and Laguna Oaks, nestled in the heart of Elk Grove.

The seven two-story homes in Serita featured 3 bedrooms and two and one- half baths, ranging up to 2,458 square feet. Three of the homes included an additional 1 bedroom/1 bath attached carriage unit, and all units were sold on Saturday, November 3, 2007 at the Hilton Garden Inn, Emeryville, CA. All homes sold within 30 minutes. Laguna Oaks, the second closeout auction, was held the next day at the Sheraton Grand Hotel in Sacramento , CA, and the excitement continued when all 34 1, 2 and 3 bedroom condominiums went to bidders in over 60 minutes. Ranging up to 1,168 square feet, these units offer a Mediterranean life style and all the inherent benefits of home ownership.

'Both auctions were very well attended and the Serita seller was very pleased to have sold over 3.5 million dollars of remaining inventory in thirty minutes,' said Rhett Winchell, president of the Kennedy Wilson Auction Group. It took only a little over one hour to sell the 34 condominiums in the Laguna Oaks project, and the seller was very pleased with the auction results. 'The rapid sale of these two projects is a clear indication of the interest auctions are generating in the current market,' continued Winchell.

Founded in 1977, Kennedy Wilson is a real estate services and investment firm headquartered in Beverly Hills, CA, with 20 offices throughout the U.S. and Japan . It seeks opportunities in partnership with clients in pursuit of above-market investor returns and higher real estate values. Kennedy Wilson Auction Group has been a leading force in the auction industry since 1977. Since inception, the Kennedy Wilson Auction Group has conducted many successful auctions of condominiums and single-family home communities throughout the United States , Europe and Asia. It conducts live auctions and sealed-bid sales for all types of residential properties. Click http://www.kwiauctions.com or http://www.kennedywilson.com for further information.

    CONTACT:  RHETT WINCHELL
              310/887-6446

SOURCE Kennedy Wilson