PASSED IN - $880,000

On a cool Saturday morning, auctioneer Iain Carmichael looked around anxiously for an opening bid with no response from the quiet crowd. After several moments of silence, Mr Carmichael announced a vendor bid of $850,000. Several moments later a gentleman from the crowd made a bid for $855,000, which was rejected by Mr. Carmichael who was looking for rises of $10,000 or more. Eventually the gentleman in the crowd abided and announced a bid for $860,000. With no other bids forthcoming, Mr Carmichael went inside to consult with the vendor, returning moments later and announcing a second vendor bid, this time for $875,000. The same gentleman from the crowd made a bid for $880,000, which was accepted by Mr Carmichael and with no further bids, the property was passed in. There were around 60 people on hand to watch the proceedings with just the one bidder.

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