He said the auction will continue for three days and the proceeds will be used to repay about 25 percent of investments by 8,765 investors from 58 Arab, Islamic and foreign countries in the massive real estate scam.
Al-Ajhouri has been behind bars for 28 years on charges of embezzlement.
Al-Naeem said the size of the plots of land range from 479 sq meters to 808 sq meters.
He said each buyer should deposit a check of SR100,000 in the name of Abdullah Omar Naseef, who was appointed the liquidator in Al-Ajhouri’s bankruptcy case.
Al-Naeem said the sold-out pieces will be given official deeds after the administrative court in Jeddah has approved the outcome of the auction. He said buyers will have to incur 2.5 percent of the administrative costs of the auction.
Investors who were cheated by Al-Ajhouri included 3,623 Saudis, 1,472 Egyptians, 913 Palestinians, 778 Jordanians, 590 Syrians, 340 Yemenis, 189 Pakistanis, 51 Sudanese, 37 Lebanese, 32 Indians, 19 Americans and 16 Britons.
At least 620 of the victims are unidentified.
