Further to our previous news item, Zhiping Zhou has won a Supreme Court fight to reverse the sale of his home for $1,000. Mr Zhou built the house in Braybrook himself, estimated to be worth $630,000.
In 2009, the property was seized due to outstanding debts of more than $100,000. It was then sold in December 2010 for just $1,000 by the sheriff for the State of Victoria.
Justice Peter Vickery ruled the sale in breach of common law and the Sheriff’s Act. While no reserve price was set, Justice Vickery said that “this was not an unfettered authority to sell at any price”.
The sale price did not even cover the $1,152.73 in costs for fees and advertising.
Although the sale was found unlawful, the judge said sheriff was in a difficult position due to the Sherrif’s Act and his conduct was honest and conscientious.
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