Assets Held For Sale

6 Months Ended

Jun. 30, 2017

13. Assets held for sale



Balance, December 31, 2016	$	632
Disposal		(390)
Site preparation costs		3
Balance, June 30, 2017	$	245

During the six months ended June 30, 2017, the Company sold excess auction site acreage in Orlando, United States, for net proceeds of $953,000 resulting in a gain of $564,000.

As at June 30, 2017, the Company’s assets held for sale consisted of excess auction site acreage located in Denver, United States. Management made the strategic decision to sell this excess acreage to maximize the Company’s return on invested capital. This land asset belongs to the Core Auction reportable segment.

13. Assets held for sale (continued)

The property continues to be actively marketed for sale through an independent real estate broker, and management expects the sales to be completed within 12 months of June 30, 2017.