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Auction ‘ghost bidding’ common practice in SA’s Property Industry

SA Commercial Prop News:

 

Ivor Ichikowitz the chairman of arms manufacture, Paramount Group, has lost a battle against The High Street Auction Co, which he accused of faking bids to inflate the price of a property he was buying.

 

Ivor Ichikowitz the chairman of arms manufacture, Paramount Group, has lost a battle against The High Street Auction Co, which he accused of faking bids to inflate the price of a property he was buying.

The Supreme Court of Appeal has dismissed Ichikowitz’s appeal with cost, to have High Street Auction pay back 10% commission he paid and for the sale of the game reserve invalid.

The Billionaire, Ichikowitz bought Thaba Phuti, a lodge and game farm near Rustenburg, for R20-million in 2011.

Ichikowitz accused the auctioneer, Joff van Reenen of faking bids to inflate the price of the property because other bidders were non-existent, in a practice called “Vendor Bidding” or “Ghost Bidding”…

 

Read full article via source: http://www.sacommercialpropnews.co.za/business-specialties/commercial-property-auctions/7240-auction-ghost-bidding-common-practice-in-the-property-industry.html

2018-10-23T17:42:45+00:00