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

PENDER HARBOUR, BC, Aug. 27 /CNW/ - 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 (absolute) auction in Vancouver (Richmond), BC next week. Ritchie Bros. Auctioneers (NYSE and TSX: RBA) will be conducting the unreserved public auction of the five lots - which range in size from 1.64+/- to 5.58+/- acres - at the River Rock Casino in Richmond on Wednesday, September 3, 2008. Interested bidders may also register at the Ritchie Bros. permanent auction site in Edmonton (Nisku), AB where the auction will be simulcast live.

The Pender Harbour waterfront acreages 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.

Next week's 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.

    
    WHO    Vancouver-based Ritchie Bros. Auctioneers (www.rbauction.com)

    WHAT   An unreserved real estate auction: five oceanfront and ocean-view
           acreages in Pender Harbour on BC's Sunshine Coast will be sold to
           the highest bidders on auction day, regardless of price

    WHEN   Wednesday, September 3, 2008
       -   Registration starts: 4:00 pm (PT) River Rock Casino
           (8811 River Road), Richmond, BC
       -   Auction-buying seminars: 5:30 pm (PT) River Rock Casino
           (8811 River Road), Richmond, BC
       -   Auction start time: 6:00 pm (PT) River Rock Casino
           (8811 River Road), Richmond, BC

    WHERE
       -   Auction: Fraser Room, River Rock Casino Resort Conference Centre -
           behind the main hotel building (8811 River Road, Richmond, BC)
       -   Live auction simulcast: Ritchie Bros. permanent auction site in
           Edmonton - 1500 Sparrow Drive, Nisku, AB
    

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.

Contacts

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