The Sheriff’s sale of a repossessed house in Melbourne’s west for $1000 — that was worth an estimated $630,000 — has today been overturned by the Victorian Supreme Court.
The five-bedroom, two-storey brick house in Wirraway Avenue, Braybrook, built in 2006 by owner Zhiping Zhou, was repossessed by the Sheriff in late 2009 after Zhou failed to re-pay a $100,000 debt.
He also had an outstanding mortgage of just under $460,000 and was in arrears by almost $8000 to Maribyrnong Council for his municipal rates.
A warrant of seizure and sale was obtained in November 2009 and the Sheriff auctioned off the property on December 16 the following year — without a reserve price.
Justice Peter Vickery today labelled such a sale in his judgement as a
remarkable event — via redwolf.newsvine.com