Ritchie Bros. co-founder to sell 220-ft luxury megayacht at Ritchie Bros. unreserved auction in Grand Cayman

Owner Dave Ritchie states: "I really believe in the auction system."

VANCOUVER, Feb. 1 /PRNewswire-FirstCall/ - On March 30, 2010, Dave Ritchie - co-founder of Vancouver-based Ritchie Bros. Auctioneers (NYSE and TSX: RBA) - will sell his 220-ft (67 m) luxury megayacht at a Ritchie Bros. auction in Grand Cayman. Like every Ritchie Bros. auction, this auction will be unreserved; Apoise, the world's 89th largest yacht, will be sold to the highest bidder on March 30th, regardless of price. Built by world-renowned Lurssen Yachts, Apoise features six decks, an outdoor Jacuzzi, numerous dining and lounge areas, an apartment-sized owner's suite, 19 crew and spacious suites for 12 guests. Mr. Ritchie purchased the yacht new in 2006.

"I purchased Apoise when I retired, planning to sail around the world with Gloria for two years and then sell it," said Mr. Ritchie. "I enjoyed the yacht so much that we ended up cruising for four years. We went all over the world and had a wonderful time, but now it's time to settle. I always planned to sell the yacht with Ritchie Bros.; I really believe in the auction system. An unreserved auction, with no restrictions and no limitations, gives the fairest, most honest valuation of any item."

The three Ritchie brothers - Dave, Ken and John - founded Ritchie Bros. in 1958 on two principles: conducting strictly unreserved auctions and treating every customer as a friend, with fairness and respect. Dave Ritchie led the company to its position as the world's largest auctioneer of heavy equipment, with billions of dollars in annual sales and operations worldwide. When Ritchie Bros. went public in 1998, Mr. Ritchie became its first Chairman; when he retired in 2006, he was named Chairman Emeritus. He continues to attend Ritchie Bros. auctions around the world and often entertains Ritchie Bros. customers on his yacht and private island retreat in B.C.

"Our upcoming Grand Cayman auction offers a once-in-a-lifetime opportunity that most of us can only dream about," said Stephen Branch, Ritchie Bros. Vice President. "It is also a tremendous validation of our auctions by one of our founders. Mr. Ritchie could have sold his yacht privately, but he chose to sell it through Ritchie Bros. because he believes in the power of our global marketing reach and the fairness, honesty and transparency of our unreserved public auctions. He is a true inspiration: a self-made millionaire who has not lost touch with the people and the values that made him what he is today."

Photos, video and more information about Apoise and the March 30 auction in Grand Cayman can be found at www.rbauction.com/theapoise.

    QUICK FACTS ABOUT APOISE

    -   Designed by Espen Oino

    -   Built in Germany by Lurssen Yachts (project name: Marlin) and
        launched in 2006

    -   Ranked 89th in Power and Motoryacht magazine's list of the world's
        largest yachts (2009)

    -   Maximum speed: 16 knots; cruising speed: 14 knots

    -   Fuel capacity: 190,000 litres

    -   5,000 nm range at 12 knots

    -   Length: 219.82 feet (67 m)

    -   Maximum beam: 43.04 feet (13.12 m)

    -   Tonnage: 1838 GT; 551 NT

    -   Accommodates 12 guests and 19 crew

    -   Six decks in total

    -   The topmost sun deck offers 360 degree views

    -   Main, bridge and upper decks feature indoor and outdoor dining areas,
        plus numerous lounges

    -   Upper deck offers a large Jacuzzi, sports bar, theatre and gym

    -   Main deck highlights include the formal dining area and 1,399 sq ft
        (130 sq m) owner's cabin, which includes a full-beam master bath and
        private Jacuzzi

    -   Apoise has five spacious guest suites with king size berths and
        individual ensuite bathrooms


    AUCTION DETAILS

    -   Date: Tuesday, March 30, 2010 (11:00 am Eastern time)

    -   Location: The Ritz-Carlton, Grand Cayman

    -   Three ways to bid:

    1. In person at the Ritz-Carlton, Grand Cayman

    2. Online in real time at rbauction.com

    3. By placing a proxy bid in advance


    -   Registration to bid is free. Interested buyers must pre-qualify and
        place a refundable 2,000,000 Euro deposit on or before March 25,
        2010. Anyone can register to bid:

    1.  At the Yacht and Brokerage Boat Show, Miami, FL (February 11 - 15,
        2010) - booth #34, Ritchie Bros. Auctioneers

    2.  At the Dubai International Boat Show (March 9 - 13, 2010) -
        booth #51, Ritchie Bros. Auctioneers

    3.  On Apoise in Grand Cayman - contact Ritchie Bros. to arrange a
        viewing

    4.  Online at rbauction.com, if you want to bid online in real time

To arrange a private viewing of Apoise in Grand Cayman, contact Ritchie Bros. Auctioneers:

Stephen Branch: phone +1.778.331.5296 or email [email protected]

Ellen Engelsbel: phone +1.778.331.5427 or email [email protected]

About Ritchie Bros.

Established in 1958, Ritchie Bros. Auctioneers (NYSE and TSX: RBA) is the world's largest industrial auctioneer, selling more equipment to on-site and online bidders than any other company in the world. The Company has over 110 locations in more than 25 countries, including 41 auction sites worldwide. Ritchie Bros. sells, through unreserved public auctions, a broad range of used and unused industrial assets, including equipment, trucks and other assets utilized in the construction, transportation, agricultural, material handling, mining, forestry, petroleum and marine industries. The Company maintains a web site at www.rbauction.com and sponsors an equipment wiki at www.RitchieWiki.com.

SOURCE Ritchie Bros. Auctioneers