However just before the auction started a potential buyer arrived who said they could only pay a $300,000 deposit, which was much less than the 5%.
The owners were dubious that she had enough money to complete the sale and said they did not want to sell to her.
Damien explains: “Halfway through the auction, a potential buyer held up a card to bid and I had to explain that we could not accept a bid from her, and she asked why.
“I explained that we had already spoken about this prior to the auction, but she kept saying this is a public auction and I have to accept her bid.”
The property ended up being passed in after a vendor bid of $8 million. After the auction this same potential buyer made an offer of $8.5 million.
However, the owners said they were not sure she would settle, but would consider it if she could provide a 5% bank cheque deposit with settlement terms.
One of the other bidders made an offer of $8.1 million and the owners agreed to sell it to them even when the potential buyer counter-offered with a bid of $9 million and 10% deposit.
Damien states that it was a difficult situation to handle.
“The situation ended up going on for two hours and it was a really challenging scenario. The public were confused because they didn’t know why I wouldn’t accept a bid, but we often have information that no one else does.”