Desert Hot Springs, CA March 9, 2004 – The City of Desert Hot Springs, in a step towards resolving its bankruptcy issues, has selected California-based Tranzon Asset Strategies (TAS) to conduct an auction of 26 parcels of land and excess facilities equipment that are owned by the city. TAS is part of Tranzon, LLC, a nationwide auction and accelerated marketing firm with 11 member companies and 22 offices coast-to-coast.

The City is in Chapter 9 Bankruptcy. As part of the reorganization and debt payoff plan, certain non-liquid assets will be liquidated with the assistance of Tranzon. The auction is scheduled for Saturday, March 20th at 12:00 p.m. in the city council chambers at the Carl May Center, and is open to the public. Twenty-six (26) residential and commercial real estate lots, all located within the city, will be offered at auction. On-line bidding will also be offered for potential purchasers who are unable to attend the live auction.

The city filed for Bankruptcy in 2001, as a result of a 10 year old lawsuit by a developer. Despite the Bankruptcy, the City is very optimistic about its future.

Located in the foothills overlooking the floor of the Coachella Valley, Desert Hot Springs is one of eight cities that make up the Palm Springs Desert Resorts. Known for its therapeutic hot mineral water and spa resorts, the city was also recently distinguished as having the nation’s best, untreated natural water.

A mecca for vacationers looking to soak in the springs, the area is now in the midst of a housing and retail boom that is unparalleled. Some estimates place new construction growth in Desert Hot Springs up 250 per cent from last year, a trend that is evident throughout the Coachella Valley. In addition to numerous new residential developments, retail giants Wal-Mart and Target are currently under construction along Highway 111. An increase in tourism is also fueling the economic upswing, helped by the Coachella Valley’s five Indian casinos and plans to renovate the Palm Springs Convention Center. All of this recent development bodes well for the continued future growth and development of Desert Hot Springs.

Headquartered in Richmond, VA, Tranzon, LLC combines a national network of experts with the local expertise and presence demanded by those seeking its services: bankruptcy and estate attorneys, special assets managers at banking institutions, corporations and individuals.

For more information on the auction, contact Tranzon Asset Strategies at (888) 314-1314.