PASSED IN - $2,220,000

The auction was held in the backyard of the pretty Glen Iris property, which seemed like a good idea considering the garden really was a work of art. After receiving no opening bids from the crowd, auctioneer Iain Carmichael announced a vendor bid of $2,200,000. After calling it down and referring the situation to the vendors, Mr Carmichael returned to the crowd and received his one and only bid, which was for $2,220,000. The property was passed in at that price, despite the lively atmosphere in the crowd of around 50 people. It was later revealed that the reserve price on the property was $2,300,000, which was likely to be reached by the bidding party post auction.

1