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Government Property Auctions Yield $134 MillionReinvented Process Consolidates Sales and Streamlines Costs

GSA #9418

June 3, 1997

Contact: Brian Polly or Ron Rice
(202) 501-0084
or Darlene Meskell
(202) 501-1231

WASHINGTON, DC -- Over 4,000 people from across the country recently bid on the sale of 738 government-owned residential and commercial properties that brought $43 million to Federal coffers, according to figures released today by the U.S. General Services Administration (GSA).

The sales are part of the government's Government-Owned Real Estate Project (G.O.R.E.), which was created three years ago in a reinvention lab under Vice President Al Gore's National Performance Review. Since its first auction in June 1995, G.O.R.E. auctions have sold 2,769 properties to registered bidders for $134.6 million.

"This project is a great example of how government can partner with the private sector to better serve the American people," said Vice President Gore. "Federal departments and agencies consolidate their properties and coordinate with the private sector to conduct auctions. The result is better service for those who are interested in buying government-owned properties and millions of dollars raised for the Federal Treasury."

G.O.R.E. is a partnership between GSA and the Department of the Treasury. Other participating Federal agencies include the Departments of Housing and Urban Development, Justice, Agriculture, and Veterans Affairs; the Federal Deposit Insurance Corporation; the Small Business Administration; the U.S. Army Corps of Engineers, and the U.S. Postal Service.

GSA leverages its resources by partnering with real estate and mortgage brokers, auctioneers and, when necessary, appraisers, all of whom assist with conducting the sales.

GSA Administrator David J. Barram said the G.O.R.E. concept encourages agencies to consolidate their properties into scheduled auction events to reduce administrative costs and offer one-stop shopping, informational real estate sales, seminars and auctions in major metropolitan areas. Advertising and marketing costs are shared by participating agencies.

"This initiative is bringing out the best instincts in government by creating public/private partnerships that produce results," Barram said.

The nine auctions in April and May took place in Dallas/Fort Worth, TX, Los Angeles, CA, Orlando/Fort Lauderdale, FL, Boston/ Sturbridge, MA, Providence, RI, Southbury, CT, and Portsmouth, NH.

For more information on G.O.R.E., go to the G.O.R.E. Home Page at http://www.gsa.gov/pbs/pr/gore.htm, or contact any of the following GSA regional offices:

� Boston, MA, 1-800-775-1946
� Fort Worth, TX, 1-800-833-4317
� San Francisco, CA, 1-800-421-7848
� Atlanta, GA, 1-800-473-7836