FARCICAL AUCTION

Evening Star, Issue 25618, 19 October 1945, Page 2

FARCICAL AUCTION

ENTHUSIASTIC BIDDERS FOR HOUSE PRICE EXCEEDS VALUE BY £SOO The farcical nature of auction sales under present conditions was again emphasised at a sitting of the Otago Land Sales Committee (Messss W. M. Taylor, acting chairman, and D ; J. Ross) yesterday when three parties sought to purchase a dwelling in Forbury Crescent. Tire property had been submitted to auction and had been knocked down for £2,025, but all parties accepted the Crown valuation of £1,560. A fourth hopeful purchaser had filed an application, but had withdrawn from the contest. All three remaining applicants were returned servicemen. One applicant said bids of about £1,500 had come from all sides when the property was put up for auction and then the bidding had swept up to about £2,000 so suddenly that the auctioneer could not possibly have noted who was bidding. Acting on advice about the value of the property he had bid £1,500 and might have raised his bid to £1,600, but lie bad no chance, so swift was the rise. Counsel for one of the parties said the position was farcical. Intending purchasers were apparently prepared to bid ridiculous amounts merely to have • their names recorded by the auctioneer, knowing that the ultimate transaction would be dependent on the value placed on the property by the Crown. . The vendor was the Public Trustee as executor of the estate of Edward Brewer Wethey (Mr A. J. Martin) who sought a transfer to Eugene Archie Ward (Mr K. W. Stewart) at £2,025. The intervening Interested parties were J. D. Paterson (Mr I. L. Turnbull) and G. L. Lawrence (Mr C. G. Gray). Mr J. R. Hampton appeared for the Crown. . The committee reserved its decision after it had heard the claims of the various parties.