When any land or other property owned by a junior college/community college district shall cease to be used or needed by the district, the same may be sold by the board of trustees upon sealed bids or at public auction after three (3) weeks' advertisement in a newspaper in the county where the said property is located. Personal property having a value determined by the board of less than Five Hundred Dollars ($500.00) may be sold without such advertisement; however, in such event, notice shall be posted in at least three public places in the county where such property is situated or where it is to be sold, giving notice of the time and place of such sale, and such property shall be sold to the highest and best bidder for cash. Such notice shall be posted for ten (10) days before the sale.