ALBANY, GA (WALB) – Another sign of the struggling economy in South Georgia, a bankrupt construction company is sold off. Millions of dollars worth of equipment and property were sold at auction with bidders from across the world.
Hundreds of people attended the auction of the Boyd Brothers Construction Company, at their former headquarters on Fussell Road.
Buyers showed up from as far away as Arizona and Texas, But the auction was also on the Internet, with bidders in Russia, Europe, Central and South America.
Used construction equipment is a hot commodity worldwide during tough economic times with few building projects.
"Everyone wants to buy just for the project they've got going now. So you know you can take the revenue on that project and pretty much cover your debt on your equipment you buy at this time. You want a short cycle, so that's why used equipment is in high demand," said Lee Brown of Brown Equipment - Ocala, Florida.
600 pieces of construction equipment, from dump trucks to motor graders and fork lifts to tractors, plus seven parcels of property were sold at the auction by order of the U.S. Bankruptcy court.