Multi-Million Dollar Property Auction Just Hours Away - KCBD NewsChannel 11 Lubbock

7/14/06

Multi-Million Dollar Property Auction Just Hours Away

It's one of the most anticipated auctions ever in Lubbock, and it starts in less than ten hours. You'll recall, Jonathan Nelson pleaded guilty to stealing $77 million from his former employer Patterson UTI, and now what he bought with that stolen money is for sale.

At least 5,000 people are expected to attend the multi-million dollar auction.

Complete List of Nelson Auction Items
Click here to take a look at the more than 1,100 items to go on sale July 15th!

Now remember, if you plan on bidding, you must register. If you haven't done so, you can register Saturday starting at 6am at the Town and Country Airport.

The deposit is $10,000 for the big items like planes and cars, and $2,000 for household items, and smaller big items like jet skis. That money is refundable.

"I suggest you come early and get a good seat," Bobby Love with Ritchie Brothers Auctioneers said.

They Friday putting together finishing touches for Saturday's multi-million dollar auction while hopeful buyers, literally from across the globe, registered and dreamed of what they want to take home.

Michael made the trek from Florida and doesn't plan to return home empty handed.

"Some of the machines. Maybe some of the big boats. It depends on how deep my pockets are," Michael said.

"This big boat, the 42 foot long boat or the '54 Corvette," Ben said.

But Ben, who came in from Wichita Falls, says he would be happy with one of the smaller boats.

"More toys for bigger boys," Ben said.

"We're looking for heavy equipment, machinery to take to Mexico," Jose said.

So why come all the way to Lubbock?

"We heard there was going to be some good machinery, cheap," Jose said.

Whether your looking at the big ticket items so something much smaller, Ritchie Brothers has this last minute advice.

"Make sure you know what you're looking at. It is your responsibility to inspect the assets. We do our best to try to give you access and answers with any information we have. And if you have any questions ask, that's what we're here for," Love said.

Parking opens at 6am, and that's free. If you want to be closer, Lubbock Motor Speedway is opening it's parking lot as well. But there is a $5 fee. With that you also get a pass to the speedway.

7/14/2006
Patterson Speaks About Nelson Embezzlement
For the first time, Patterson UTI is speaking publicly about what the company will do now that the embezzlement case is behind them.

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