29 August 2011 ~ Comments Off on Successful Auction by the Louisiana Land Trust Generates Nearly a Half Million Dollars in Parish Income for Disaster Rebuilding

Successful Auction by the Louisiana Land Trust Generates Nearly a Half Million Dollars in Parish Income for Disaster Rebuilding

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Successful Auction by the Louisiana Land Trust Generates Nearly a Half Million Dollars in Parish Income for Disaster Rebuilding
Metairie, La. –Tuesday, August 23, 2011 at the Days Hotel in Metairie, LA, the Louisiana Land Trust showcased 36 properties in five parishes to aid in the recovery from hurricanes Rita and Katrina. 74 registered bidders crowded the conference room as 81 on-line bidders waited patiently for the first property to be presented.
After all bidding was stopped and the hammer fell for the final time, a total of $440,500 was offered for the 36 properties with these prices being set by the buyers, not the seller. A total of 12 properties were sold to on-line bidders.
This was the first on-line auction for the Land Trust. There is also an on-line only auction currently underway for the Land Trust properties in Western parishes for more information on that auction, please go to www.lalandtrust.us or www.gilmoreauction.com.
“With internet bidding growing in popularity, we are pleased to offer this option as well as the onsite bidding location,” said Michael Taylor, executive director, Louisiana Land Trust. “The dollars generated through auctions will help these parishes rebuild and recover from the damage caused by the hurricanes.”
“We were very pleased with the level of live bidding and online bidding for this 5 Parish Road Home Auction event,” said David Gilmore president, Gilmore Auction & Realty. “It is our pleasure to assist in placing these properties back into commerce. We anticipate similar results at the upcoming September 10 Orleans Parish Road Home event”.

The bidding was open to the public with a registration requirement. This auction, with closings to take place within 30 days after all LLT Conditions to Closing of the agreement are met, places all 36 properties back into commerce and generates Community Development Block funding for each parish.

Funding breakdown by parish:

Jefferson: $45,500

St. Tammany: $88,000

Washington: $23,000

Plaquemines: $254,500

East Baton Rouge: $29,500

The Louisiana Land Trust has been charged with the disposition and maintenance of housing stock and lots acquired through the Road Home Program that was created in the aftermath of Hurricanes Katrina and Rita. LLT has secured and maintained over 10,000 properties.
LLT hired Gilmore Auction and Realty Company to help with the disposition needs of the parishes choosing open auctions.

The Louisiana Road Home Corporation Act became effective on June 29, 2006 under Senate Bill No 445 creating a non-profit corporation. The Louisiana Road Home Corporation dba Louisiana Land Trust( LLT) has been charged with the acquisition, disposition, purchase, demolition, renovation, improvement, leasing, or expansion of housing stock, including but not limited to housing stock as described by the Road Home Program designed by the Louisiana Recovery Authority and funded in whole or in part by the U.S. Department of Housing and Urban Development’s Community Development Block Grant (CDBG) Program in the aftermath of Hurricanes Katrina and Rita.

3316 Florida Ave. Suite 201 • Kenner, Louisiana 70065 USA
Phone (504) 468-6800 •Fax (504) 468-6811

Broker: David E. Gilmore
Licensed By The Louisiana Real Estate Commission
Licensed in Louisiana, Mississippi, Arkansas and Oklahoma
A Division of Gilmore-Braud Companies

Auctioneer: David E. Gilmore
Licensed in: Alabama #1832 • Arkansas #1979 • Louisiana #0447
Mississippi #378/641F • Texas #11136


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