Kennedy Wilson Brought Auction Fever to Austin

Brazos Place - First Condo Auction of its Kind in Downtown Austin - a Huge
Success

BEVERLY HILLS, Calif., May 19 /PRNewswire-FirstCall/ -- Kennedy Wilson Auction
Group, a division of the international real estate services and investment
firm Kennedy Wilson, conducted an auction of Brazos Place, 19 luxury
condominiums in downtown Austin on May 17, 2009. This highly anticipated
inventory closeout auction was the first of its kind in Austin.

The auction was held at the Hilton Austin Downtown, and offered a golden
opportunity for anyone seeking entry into Austin's vibrant downtown to realize
incredible savings! Over 500 people attended the sale with standing room only.
The bidding was very active on all properties, and all sold within 90 minutes.
The seller recognized that Kennedy Wilson's proactive auction program was an
excellent way to sell all standing inventory in today's market. Kennedy
Wilson's dynamic auction program stimulates the market, creates demand and
establishes a fair value for each home.

"Both the buyers and the seller were highly motivated and as a result, all of
the high bids exceeded the seller's expectation," says Rhett Winchell,
president of Kennedy Wilson Auction Group. "It was a win-win auction,"
continued Winchell.

Brazos Place, formerly the historic Commodore Perry Hotel, is ideally located
at the hub of Austin's downtown and was converted into condominium residences
which combine the best of all that's modern, reflected through the mirror of
historical charm. The one and two bedroom condominiums offer impressive
amenities. The penthouse offers three bedrooms, a game room, three private
rooftops and a 360 degree view of downtown.

Founded in 1977, Kennedy Wilson is a real estate services and investment firm
headquartered in Beverly Hills, CA, with 20 offices throughout the U.S. and
Japan. It seeks opportunities in partnership with clients in pursuit of
above-market investor returns and higher real estate values. Kennedy Wilson
Auction Group has been a leading force in the auction industry since 1977.
Since inception, the Kennedy Wilson Auction Group has conducted thousands of
successful auctions of residential and commercial properties throughout the
United States, Europe and Asia. It conducts ballroom style, site-to-site, and
on-line auctions for all types of real estate. Click www.kwiauctions.com,
www.bidkw.com or www.kennedywilson.com for further information.

CONTACT: RHETT WINCHELL
310/887-6446

SOURCE Kennedy Wilson

Rhett Winchell of Kennedy Wilson, +1-310-887-6446