HANCOCK COUNTY, MS (WLOX) - Several water-front homes are just some of developer Vic Planetta's property that have not moved in nearly four years.
"It's been very difficult getting people financed," Planetta said. "Financing, even if you have good credit, has been a very difficult time."
He said the economy, coupled with the high cost of insurance, has forced him out of business.
"It's a sad day for us having to close our division for construction of Planetta Custom Homes after three generations of us doing business," Planetta said. "We've taken a lot of pride in our homes."
Planetta said his misfortunate can be someone else's gain. He is auctioning off nearly 160 newly built homes, land he owns and commercial buildings and property.
Realtor Johanna Spicuzza said, "It's popular in the rest of the country, and it's produced some good results, some success. And with the market being as flat as it's been lately, the conventional methods of selling property just isn't working."
Planetta said, "Instead of these houses just sitting here, I'd rather go ahead and what we call stop the bleeding. Let people have these houses at good buys and move on."
J.P King real estate auction company is handling the sales in Mississippi, Louisiana and Florida.
"This is not a foreclosure sell, this is property that's being offered at auction," Spicuzza said. "There are some properties being offered absolute."
"Some lucky person will be able to get a house at what ever it brings or land for ever it brings," Planetta said.
The property that will go on the auction block this Saturday can be viewed online, by clicking here. The auction will be held this Saturday at 9:30am at Treasure Bay Casino in Biloxi.