Inland Communications, Inc. announced today the auction of a model home located on the Ravine in East Highland Park, Ill. originally priced at nearly $4 million. The auction of the six-bedroom home, which will be sold subject to a minimum bid of $2.45 million, is part of the bank-ordered sale of a portfolio of foreclosed residential properties.

“As banks increasingly take ownership of properties from builders and owners suffering in the current market, they are looking to the auction process as a way to mitigate loss and salvage value quickly,” said Paul Rogers, senior vice president and managing broker of Inland Real Estate Auctions.

The multi-million dollar home will be auctioned Dec. 9. Other residential properties in the portfolio will be sold Dec. 10 and include a 2,600-square-foot, eighth-floor penthouse condominium in Lincolnwood, Ill. with panoramic views of downtown Chicago, originally priced at $429,900 and sold subject to a minimum bid of $235,000. A newly-built three-bedroom single-family home in west suburban Plano, originally priced at $193,000, will be sold with a minimum bid of $125,000.

Open houses for the properties will take place in November. Interested bidders can contact Joel Cunningham, (630) 218-8000 Ext. 4897 cunninghamj@inlandgroup.com to obtain the open house schedule and the bidder’s information package along with the terms of sale.

About Inland Real Estate Auctions, Inc.

One of the nation’s top auctions firms, conducting transactions from coast to coast, Inland Real Estate Auctions, Inc. is a leading provider of accelerated marketing and auction services. As part of The Inland Real Estate Group of Companies, Inc., a full-service national real estate company, Inland Real Estate Auctions, Inc. brings unique depth, experiences and resources to the real estate auction industry, with real estate marketing and auction professionals who have more than 60 years of combined experience in the formulation and execution of auction programs for all classifications of real estate.