Pender Harbour waterfront acreages will sell to highest bidders at unreserved auction



    PENDER HARBOUR, BC, July 17 /CNW/ - On September 3, five oceanfront and
ocean-view acreages in Pender Harbour on BC's Sunshine Coast will be sold to
the highest bidders - regardless of price - at an unreserved Ritchie Bros.
Auctioneers (NYSE and TSX: RBA) auction. The five lots range in size from
1.64+/- to 5.58+/- acres; they have been selectively cleared and many feature
the area's distinctive arbutus trees. They are part of the brand new
324-acre+/- Sakinaw Ridge subdivision: the only development on the Sunshine
Coast offering large lakefront, oceanfront and ocean view estate acreages. The
subdivision offers paved roads and full underground services. The developer's
building scheme encourages a contemporary West Coast building style featuring
natural colors, heavy wood and stone accents. Ten lots have been sold to date;
two multi-million dollar homes are nearing completion.
    "I've been coming to this area with my family for over 35 years and I
love it," said Dave Milne, general manager of development for BGD Holdings.
"We bought the property six years ago and set out to create a unique Sunshine
Coast development, with large, private estate acreages offering ocean frontage
or views. We've already sold ten lots in the subdivision but the market has
slowed. We decided to sell the next five properties by unreserved auction
because we want to know their current market value. How much will someone pay
for a beautiful estate acreage in Pender Harbour? We'll find out at the
auction on September 3rd."
    The Pender Harbour properties will be sold at an unreserved Ritchie Bros.
auction in Vancouver, BC on September 3, 2008; the auction will be simulcast
live at the Ritchie Bros. auction site in Edmonton, Alberta. The auction will
be unreserved, meaning there are no minimum bids or reserve prices. Every lot
will be sold to the highest bidder on auction day, regardless of price.
    "This is the kind of opportunity that people only dream about," said
Kevin Tink, Ritchie Bros. Senior Vice President. "We're selling five estate
acreages in a brand new development on B.C.'s beautiful Sunshine Coast - and
we're selling them all unreserved, with no minimum bids and no reserve prices.
You can buy the property of your dreams at the price you're willing to pay -
and then build the home of your dreams, whenever you want. It's all up to
you."
    For more information about the properties or the auction, phone Ellen
Engelsbel at Ritchie Bros.: +1.604.790.6678. Or visit the Ritchie Bros. web
site at www.rbauction.com/property/2008237_pender_harbour_bc.
    The 324+/- acre Sakinaw Ridge development is located in Pender Harbour on
the Sechelt Peninsula, an area renowned for its coastal beauty, arbutus trees,
outdoor recreation opportunities - and abundance of sunshine. The subdivision
is being completed in four phases. Phase One has 28 lots, totaling 75+/-
acres. Ten lots in Phase One have been sold. Five will be sold in the upcoming
Ritchie Bros. auction:
    - Lot 18 - oceanfront - 1.64+/- acres
    - Lot 19 - oceanfront - 1.69+/- acres
    - Lot 27 - ocean view - 2.49+/- acres
    - Lot 28 - ocean view - 3.55+/- acres
    - Lot 10 - 5.58+/- acres

    About Ritchie Bros.

    Established in 1958, 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.





For further information:

For further information: Kim Schulz, Corporate Communications Manager,
Ritchie Bros. Auctioneers, Cell: (604) 788-5379 or email
kschulz@rbauction.com; Or Kevin Tink, Senior Vice President, Ritchie Bros.
Auctioneers, Office: (780) 538-1100


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