MADISON, Wis. -- Sixty properties in Sun Prairie and Fall River were auctioned off in two hours on Saturday morning.

The auction featured no reserve and no minimums, with buyers only needing to pay 5 percent down immediately. Auction company J.P. King led the auction, which was the largest real estate auction in Wisconsin's history, WISC-TV reported.

"Today, people are uncertain what the real value of a property is, and you put them in a competitive bidding environment, they know they're not overpaying for the property," said Craig King of J.P. King. "And for the developer, they can sell a quantity of inventory in one day, eliminate that carrying cost, and put the money in the bank."

All properties sold were developed by local builder Herman Kraus.

J.P. King has another auction planned in Wisconsin Dells next month.