Selma Land Sells for $2.06 Million in J.P. King Auction

The auction of approximately 630 acres of development land in Selma attracted 55 registered bidders Thursday, resulting in a complete sellout of the land for a total of $2.06 million.

Bidders from as far away as Ohio and New Hampshire gathered at the Central Alabama Farmers Cooperative for the auction, purchasing the land at prices ranging from $1,500 per acre to $12,000 per acre in bidding that lasted approximately three hours.

“I’m tickled to death,” said Van Carter, a great-grandson of Roger apC Jones, founder of Selma National Bank, who had acquired the land in the late 19th and early 20th centuries. “Anything over $2 million would have been gravy, and we got a little over that,” he said.

Craig King, president of J.P. King, said the strong turnout and prices reflected the strategic location of the land. “People have been interested in buying this land for years, but the auction process enabled us to promote the property more widely and bring more bidders into the process, which contributed to the success of the sale.

“It’s also encouraging to see 55 bidders line up to bid when all we can hear is bad news about the real estate market. Obviously, the right kinds of properties – marketed effectively – can still be sold,” said King.

The land, which had never been offered for sale, is located around the junction of Alabama 14 and U.S. 80. The 53 parcels included frontage on U.S. 80 and Alabama Highway 14.

The family had decided to sell the property at auction because the number of heirs had grown to 16. “We all decided it’s better to just sell it and divide the proceeds,” said Carter.

J.P. King, based in Gadsden, Ala., is the nation’s leading auction marketing firm specializing in high-value properties such as land, superluxury homes, condominiums, ranches and developments. Upcoming sales include condominiums near Auburn University and a country estate in California. Individuals interested in more information on those and other sales may contact J.P. King at 800.558.5464 or visit the company’s web site at www.jpking.com.

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