RUN UP AT AUCTION

Grey River Argus, 22 December 1943, Page 2

RUN UP AT AUCTION

Ficticious Land Price transfer refused. P.A. CHRISTCHURCH, Dec. 21. An unusual application was made to the Christchurch Urban Land Sales Committee when the transfer of a section bought at auction tor £6OO by a purchaser who knew it Io be a fictitious value, was sought. The section is in Ford Road, Opawa, adjoining Risingholme, and a transfer was sought from the executors of the estate of F. W. Anderson to Harry Judd. Judd said that it was obvious at the sale that the bidding was not. genuine, and, looking at the position from a moral angle, he thought that he had as much right to the section as two other bidders, who were also making bids that were not genuine. To the Crown representative, Judd said that he was not aware of the upset price of the section, but he had been advised to offer up io £250, and he understood that price to oe its value. He was prepared, however, to leave the fixing of a fair price to the committee. “This case presents a difficult problem,” said the chairman, Mr. K. G. Archer. “Die purchaser” he said, “has been very frank, ano has admitted running up the price, in association with others. He assumed that the price realised at the auction would be reduced to a reasonable figure by) the committee. We feel that it is not in our province to fix a price for people who choose that method of becoming the purchaser of a property. If we do fix a price at a reasonable level, we would be giving our approbation to a system ox bidding up to any price for property. The application for a transfer is, therefore, refused.” Mr Archer said that the committee would refuse other applications where the price at auction was out of proportion. They would not hesitate to fix a price in auction sales where the price realised was reasonable. “What is the position in regard to stamp duties?” Mr. Archer was asked. He replied: “I am afraid that 1 will have to leave that for you.” Questioned regarding other costs involved in the sale and the position of the trustees in that respect, Mr. Archer suggested that the matter should be taken up with the Land Sales Appeal Court, as the Committee would welcome a ruling on the matter from that body.