Jennings Osborne auctions underway | Arkansas Blog

Wednesday, June 6, 2012

Jennings Osborne auctions underway

Posted By on Wed, Jun 6, 2012 at 10:36 AM

CONGRATULATONS: Mitzi Osborne hugs Linda Newkirk, who bought a house between the Osborne main house and her own.
  • Brian Chilson
  • CONGRATULATONS: Mitzi Osborne hugs Linda Newkirk, who bought a house between the Osborne main house and her own.

SOLD FOR $150,000: To east of main home.
The auction is underway this morning for the three residential properties on Cantrell Road owned by the late Jennings Osborne, the medical researcher whose estate is being auctioned in an effort to satisfy liabilities.

Photographer Brian Chilson, on the scene with David Koon, tells me auctioneeers have received a bid of $260,000 for Osborne's main residence; $150,000 for a smaller house on the east side, and $195,00 for a third house on the west. The bidding is being held open, however, for possible better bids.

We'll have a summary later today. Future auctions are scheduled of other Osborne property.

UPDATE: The real estate auction is over. The main house, 11,559 square feet on 1.9 acres, sold for $265,000. The house on the west, 5,100 square feet on 2 acres sold for $195,000. The house on the east, 5,342 square feet on 2 acres sold for $150,000. Some 3,000 or 4,000 books are currently being auctioned.

UPDATE II: David Koon tracked down two of the buyers. Bahram Ghanaie placed the winning bid on the middle house on behalf of Kourosh Malek, owner of the Building and Utility Company, which builds apartment complexes in subdivisions and is headquarted in Redfield. Ghanaie thought he'd gotten a good deal. "For 11,000 square feet it is nothing," he said.

Linda Newkirk, state executive director for the Farm Service Agency, won the auction on the east house. She and her husband Ray Camp live next door and have long been friends with the Osbornes.

CORRECTION: A 10 percent "buyer's premium" was added to the "gavel price" listed above for all houses, or $61,000 more for all three houses.

SOLD FOR $195,000: House to west of main Osborne home.
  • SOLD FOR $195,000: House to west of main Osborne home.

NEW OWNER: Apartment developer bought Osbornes main house, which includes this pool.
  • Brian Chilson
  • NEW OWNER: Apartment developer bought Osbornes' main house, which includes this pool.

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