Property Auction Site Launched

Beverly Hills-based Kennedy-Wilson Inc. has launched an online real estate auction called EProperty.com and will begin accepting online bids Nov. 4 for the first property it is offering, a 185-acre parcel on Orcas Island in Puget Sound.

The auction site will provide information about each property offered, including photos and due diligence information such as engineering and environmental reports. Posting the property online will reduce sellers’ costs for publishing, marketing and mailing of brochures to prospective buyers, said James E. Peterson, president of EProperty.

The system will cut buyers’ costs by enabling them to review reports online and to download them, reducing the time and expense required to obtain the information typically required to bid on a property, Peterson said.

The Orcas Island site will be offered for a $1-million opening bid, according to Peterson, who said Kennedy-Wilson will focus on properties in the range of $1 million to $20 million, the most active segment of the commercial real estate market.

Publicly held Kennedy-Wilson, founded in 1977 as a real estate auction company, has since expanded into a diversified international real estate services firm. The company said it will promote its other services, including mortgages, title insurance, property management, due diligence reports and market studies, on the auction site at https://www.eproperty.com.