Question-and-Answer Session
Operator
Thank you very much ladies and gentlemen. The floor is now open for questions. (Operator Instructions).
And we'll take the first question from Nancy Bush. Ma'am your line is live.
Nancy Bush - NAB Research
Couple of questions here, the auctions, sales, et cetera, et cetera. You guys had anticipated, I think, if you'd refresh me to be about $125 million a quarter, is that correct? That was initially the expectation.
Richard Anthony
That is correct.
Nancy Bush - NAB Research
Are you still expecting that? And now that we have had to kind of put that off, a couple of quarters. Is it going to be sort of a catch up or if you could just update those expectations?
Richard Anthony
I'm going to ask D., to speak to that. But Nancy, you're right in recalling that number and we did not meet that number. I believe that the number D. would have been more in the 70, somewhat $1 million range. But in answer to your question, going forward is yes, there will be a catch up definitely now. I'm going to ask D., to put some color around that.
D. Copeland
Yes, for the first quarter we had total sales of assets of $106 million which wasn't far off of the 125 that we had given. So the number that Richard quoted was the net proceeds of that book value. We do think that we will increase from that level in the second quarter and we are pooling together assets to look at those in increasing levels in the quarter.
Richard Anthony
But I will say D., it will be well above 125 million.
D. Copeland
That is our expectation, yes.
Nancy Bush - NAB Research
Could you just update us as well on what kind of, how much on the dollar you'd be getting on these things and if you could sort of expand between developments in land and that sort of thing?
D. Copeland
Sure, I guess if you take the total for the first quarter we were just north of $0.60 on the book value.
Richard Anthony
D., I'm going to make sure we qualify this now. Are we talking on the legal balance or on the written down balance? Let's make sure we clarify that.
D. Copeland
That is 60% on the written down balance, as what we received in the first quarter, our current book value.
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