ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: WEDNESDAY, May 9, 1990                   TAG: 9005090204
SECTION: BUSINESS                    PAGE: B-5   EDITION: METRO 
SOURCE: 
DATELINE: WASHINGTON                                LENGTH: Short

GLOBAL AUCTION PLANNED

The federal board that inherited $17 billion in real estate from insolvent S&Ls decided Tuesday to stage a worldwide "satellite auction" this summer to unload up to $300 million worth of distressed shopping centers, office buildings and hotels.

"We hope to make it the largest auction in the history of the world," said Jim Gall, chairman of the Miami-based auction house retained by the federal Resolution Trust Corp. to run the sale.

Regional auctions of commercial and residential property will be held later.

In its 4-0 decisions to approve auctions and discount sales, the RTC board hoped to speed up the disposition of the more than 30,000 pieces of commercial and residential property the federal government has acquired as it took over failed S&Ls. - Cox News Service 


 by CNB