An auction company will sell next week roughly 130 properties in Middle Georgia that Macon-based State Bank & Trust inherited last year from failed Security Bank.
The properties in Middle Georgia are part of more than 265 residential and commercial properties in about 32 counties that are being auctioned for the bank by Marietta-based John Dixon & Associates.
“It is one of the largest auctions as far as the number of properties” it has conducted, said Buddy Lee, business development manager for the auction company.
The auction of the Middle Georgia properties begins at 3 p.m. Wednesday at Hilton Garden Inn, 1220 Stadium Drive in Macon. The company is selling the Atlanta properties in Atlanta on Tuesday.
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The Macon auction is expected to take about three hours, Lee said.
“There is no minimum or starting bid,” he said. All property will be sold to the highest bidder.
Nearly all the properties in Middle Georgia came from loans made by Security Bank, which was shut down by federal and state authorities in July 2009. State Bank & Trust acquired the bank at the same time.
All the properties have already been foreclosed on, and the bank took ownership when they didn’t sell at foreclosure.
“The appraised value of the properties range from a few thousand dollars to $100,000 each,” said Tom Woodbery, marketing director for State Bank. “The total appraised value of the entire auction is less than $5 million, and it includes condos, lots, commercial property and single-family homes.”
All the properties are listed on the auction company’s website at www.johndixon.com/auctions.asp. The company can be reached at (770) 425-1141.
Woodbery said there has been strong interest in the properties.
“We are anxious to get these from bank-owned properties to privately owned properties,” he said. “Everyone wins with that result.”
To contact writer Linda S. Morris, call 744-4223.