A new 'triple lowest' record has been set in auction history, as the smallest plot of land ever offered was bid on at the lowest appraised value and awarded at the lowest winning price on record.
On August 3, Yonhap News reported, citing the auction industry, that on July 28, the Chuncheon District Court's Auction Division 3 put up for bid a 0.091-square-meter road within a ranch site in Gwanchon-ri, Nam-myeon, Chuncheon City.
On the 28th of last month, a 0.091㎡ shared road land in Chuncheon was put up for auction at a court auction with an appraised value of 5,670 KRW and was sold for 10,000 KRW. This item broke the 'triple' records for the smallest area, lowest appraised value, and lowest winning bid in auction history. Gigi Auction Yonhap News Agency
The property measures just about 30 centimeters on each side and is a shared portion of a 1-square-meter plot collectively owned by 11 individuals. This is the smallest area ever recorded among auctioned properties. The appraised value of the share was 5,670 won, which is also the lowest amount in auction history.
The report stated that the land was included in a set of four properties?including adjacent rice paddies and roads?seized and auctioned together by a financial institution seeking to recover its claims from the debtor. This was the first auction for these properties. Only one person participated in the bidding. That individual won with a bid of 10,000 won, which is 176.37% of the appraised value.
If the successful bidder pays the remaining balance, the winning amount of 10,000 won will also set a new record for the lowest price in auction history, achieving minimum records for area, appraised value, and winning bid. The deposit for the bid was 567 won, which ranks as the third lowest ever recorded.
Previously, according to the law firm Myungdo, the smallest area in auction history was a 0.1-square-meter shared land portion in Heukseok-dong, Dongjak-gu, Seoul, which was auctioned at the Seoul Central District Court in April 2020. In that case, nine people participated in the first auction, and it sold for 699,000 won, which was 304.6% of the appraised value of 229,450 won.
Additionally, last month, a plot of land listed for just 3,000 won appeared on the court auction market. This was an 8.42-square-meter (about 2.5 pyeong) farmland in Naeseok-ri, Sangbuk-myeon, Yangsan City, Gyeongnam Province. The initial appraised value for the farmland was 168,400 won.
However, after the first bid in February last year, the property failed to sell in 11 consecutive auctions. At the 12th auction in March this year, it found a buyer at a highest bid of 4,000 won, but the payment was not completed, so it returned to auction. In June, it failed to sell at the minimum bid of 4,000 won, and at the 14th auction in July, the minimum bid dropped to 3,000 won. Subsequently, on July 9, it was won with a bid of 11,000 won, but the court ultimately did not approve the sale.
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