Asia-Pacific News
Australian's repossessed home sold for 1,000 dollars
Feb 9, 2012, 6:01 GMT
Sydney - An Australian man whose house was repossessed by the Victorian state government and then sold at auction for 1,000 Australian dollars (1,007 US dollars) told a Melbourne court Thursday that it was worth 630,000 Australian dollars.
Zhiping Zhou was fighting the sale of his house in a Melbourne suburb, which was repossessed over a 98,000-Australian-dollar debt.
The buyer told the Victorian Supreme Court that the transaction was legal because no reserve price was set for the auction.
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