KCBD, NewsChannel 11 Lubbock |Nelson's Auctioned Property Reaches Two Day Total of $7.9 Million.
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More than 100 people, 57 of them registered bidders, jammed into a hotel ballroom Friday for the sale of an airport, a mansion, a travel center and nine other properties seized from former Patterson-UTI Chief financial officer Jonathan (Jody) Nelson.
The Lubbock auction resulted in sales of $6.238 million, including $2.3 million for Town & Country Airport. A second big-ticket item was Chisum Travel Center, a truck stop on Slaton Road, which sold for $1.65 million. The Rush Mansion sold for $742,000. Friday's sales brought the two-day total to $7.9 million. On Thursday, auctions in Possum Kingdom, Texas, and Ruidoso, N.M., resulted in sales of $1.7 million.
"The turnout has just been phenomenal," said Craig King, president of J.P. King.
"For all three sales, we've had standing-room-only crowds and sold all the properties at competitive prices. At the Lubbock sale, we had bidders standing outside the door more than an hour before we were even scheduled to start registering bidders," he said.
The final event will be the auction of Nelson's Lake Travis home. That auction will take place at 6 p.m. Saturday at the home, 19601 Sand Castle Drive, in Austin.
Bobby Day, a Lubbock developer, purchased the unfinished mansion on 14th Street. Nelson has spent an estimated $4.4 million on the house. Receivers handling the property say the new owner will have to spend as much as $1 million to finish the house.
Purchasing the airport was Dan Gildner, of Sunland Development, a Christian aviation organization. Gildner said he planned to move Alpha Aviation of Tulsa, Oklahoma, to the airport.
Charles Bolton, a 50-year Lubbock resident, purchased the Chisum Travel Center, which he will add to his existing portfolio of automotive service businesses.
"I'm excited about it," said Bolton of his purchase. "I didn't know if we'd end up with it, but I'm pleased that we did." Bolton owns five service stations and four oil change businesses.
On Thursday in Possum Kingdom, 24 registered bidders jammed into Lakeview Lodge on Possum Kingdom Lake for the sale of the lodge, two homes, two condominiums and a service station for a total of $1.1 million. The Ruidoso sale, also on Thursday, drew such a crowd that bidders were standing in line for a spot on the auction floor. The New Mexico sale of two homes and three home sites drew 59 bidders, who paid $603,000 for the properties.
Individuals interested in additional information on the properties may contact J.P. King at 800.558.5464 or visit the company's web site at www.jpking.com.
J.P. King, headquartered in Gadsden, Alabama, is the nation's leading auction marketing firm specializing in luxury homes, land, condominiums, commercial property and other high-end real estate. Recent sales have included mansions in Florida, Oregon and Colorado, condominiums in Alabama and Wisconsin, and land in Florida and Pennsylvania.
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