Lake Elsinore Properties Listed In RivCo Auction Starting Thursday

RIVERSIDE, CA — An internet-based auction of nearly 1,000 tax-defaulted properties throughout Riverside County — some of them with starting bids as low as $100 — will get underway on Thursday.

The sales are set to run Thursday to Tuesday.

In January, the Board of Supervisors approved the online auction, which Treasurer-Tax Collector Matthew Jennings said involves a total 826 properties.

"Our office is committed to delivering a tax sale process that is
transparent, secure and efficient," Jennings said in March.

"The online auction format modernizes the experience, increases participation and makes bidding more accessible than ever."

The $100 minimum bids for real estate in arrears apply to properties in various locations, including Lake Elsinore and Wildomar, with the highest minimum ask listed as $1.16 million for a residential property in Desert Hot Springs, documents showed.

"Parcels offered vary in location, size and potential use,"
according to a statement by the Office of the Treasurer-Tax Collector.

The minimum bid amounts set by the county represent tax and sales costs. Officials said that minimum prices will be reduced on some properties that do not generate interest in the first round of bidding.

The current total estimated aggregate value of the properties in default is $28 million.

This will mark the 14th year that the county has utilized internet-based auctions for its entire portfolio of assets with liens.

Under state law, before a property under tax lien can be sold off, it must be held in abeyance for at least five years.

Prospective buyers must register online and pay a deposit in order to make a bid.

Details regarding how to establish an account to place bids, where to find properties and general rules for participation can be found at countytreasurer.org/tc-223, or Bid4Assets.com.

City News Service contributed to this report.