Hollywood Hills property to be sold to highest bidder at Ritchie Bros. unreserved auction



    Actors and musicians potential buyers for 11.9+/- acres of
    residential land in Laurel Canyon

    HOLLYWOOD, CA, Sept. 12 /CNW/ - On November 17, 2007, a unique event will
take place in Hollywood: approximately 11.9 acres of prime residential land in
the Hollywood Hills will be sold to the highest bidder - regardless of price -
at an unreserved public auction. The auction will be conducted by Ritchie
Bros. Auctioneers (NYSE and TSX: RBA), the world's largest industrial
auctioneer, at the Beverly Hills Hotel, and is expected to attract interest
from developers, Hollywood's elite - and anyone who wants to live among the
stars.
    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.
    "This is a very exciting auction for us," said Kieran Holm, Sales Manager
for Ritchie Bros. Auctioneers Real Estate division. "It's a beautiful piece of
property, with city and canyon views - a real opportunity for a developer or
even someone in the entertainment industry, to come and buy their dream
property at an unreserved auction. As with all Ritchie Bros. auctions, the
auction is unreserved, meaning the property will sell to the highest bidder,
regardless of price, on auction day."
    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. Khatri International has come up
with several suggestions for building on the land, although there are a number
of options available to the new owner after the auction.
    "There are endless ways to build on the property since we have found it
to be very stable land," explains Dr. Dilip Khatri, Principal of Khatri
International. "But we've come up with two main suggestions for building on
the land that will suit a developer or someone who is looking to build a
fabulous house with a statement to it."
    Land Use Option One includes plans to build a 30,000 square foot single
estate home with a 10,000 square foot guest house, plus another 18,000 square
feet of underground parking. The plans include an indoor and outdoor pool, 60
seat movie theatre, four-lane indoor bowling alley, very large bedrooms,
maid's quarters and a private helipad.
    "There are comparable projects that I have seen in the Beverly Hills and
Bel Air neighborhoods that do not have the size of house nor the size of
property that is being proposed here," said Dr. Khatri. "It makes it very
unique."
    Land Use Option Two includes plans to build a nine-estate subdivision,
with each home being 10,000 square feet, plus another 4,000 square feet of
underground parking for each home accessed by a 1,500 foot underground tunnel
- the first of its kind in a residential development in North America,
according to Dr. Khatri.
    "For the nine homes, 10,000 square feet per home is still something that
is again very unique as there is simply not a supply of larger parcels to
build this size of home on today. Each homeowner in this proposed subdivision
would still have at least an acre of land, which for anybody living in Beverly
Hills, the Hollywood Hills or Bel Air is highly unusual."
    The unreserved public auction will take place at the Beverly Hills Hotel
on Saturday, November 17th at 11am. Anyone interested in participating in the
auction must pre-register by calling 1-877-675-LAND (5263). The auction is
open to the public to bid in person or live and online, with refundable
US$100,000 deposits required to be able to bid at the auction. More
information, including photos, videos, and geotechnical reports, can be found
at www.hollywoodhillsauction.com.

    ATTENTION: MEDIA

    PRINT/ONLINE MEDIA -- There are professional photos of the property and
of Hollywood available for your use in your online and print publications.
Please contact Kim Schulz at 1-800-663-8457 or +1-604-273-7564.

    BROADCAST MEDIA - CNW Broadcast On-Demand is providing free, secure and
easy-to-use broadcast quality material (of the Hollywood Hills property in
this auction) direct from their web site to accredited journalists worldwide
at http://cnw.pondeserver.com/story_details.asp?fn=135. Please contact
broadcast@newswire.ca to request free login rights or contact Kim Schulz at
1-800-663-8457 or +1-604-273-7564.

    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.





For further information:

For further information: Kim Schulz, Corporate Communications Manager,
Ritchie Bros. Auctioneers, Tel: 1-800-663-8457 or Email:
kschulz@rbauction.com


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