Essayer OR - Gratuit
Court lifts reserve price on property
Sunday Tribune
|August 10, 2025
THE DURBAN High Court has ordered the removal of a R660 000 reserve price for the sale in execution of a property following two failed auction attempts.
The court heard that previous sales in execution held in July 2022 and February 2024 had failed to attract bidders, despite attempts to lower or lift the reserve price during the auctions. The property, with an estimated market value of more than R1 million and forced sale value of R1,050,000, remained unsold due to the R660,000 reserve price barrier.
The property owners’ financial situation had deteriorated significantly since the court ordered that the reserve price be R660,000 nearly four years ago. Their arrears to the Changing Tides 17 (Pty) Ltd had grown to more than R824,270.16, with R375,773.67 representing arrear instalments. Additionally, the couple owed the eThekwini Municipality R412,842.61 as of March 2024.
Cette histoire est tirée de l'édition August 10, 2025 de Sunday Tribune.
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