Utah ranch to be sold during online auction

Deseret News (Salt Lake City), Mar 29, 2004

RealtyBid International, owner of Ranchbid.com, said last week that a Utah property will become the first multimillion-dollar property of its type to be sold through an online real estate auction.

The property, a 1,450-acre ranch in Westwater, Grand County, along the Colorado River, is valued at $4.5 million.

After an initial qualifying process, bidders will compete for the property at www.ranchbid.com April 19-22.

Alabama-based RealtyBid introduced the first totally online bidding events for bank-owned real estate in June 2000. By January 2001, the company made the complete move from live auction events to totally online bidding events. So far, more than 14,000 people have participated in the Internet auctions, resulting in the sale of more than 2,000 properties across the country.