The sage of the penniless purchaser in Bristol continues. Mr Bill Savin, you might recall, gained national notoriety in August when he bid £1.8m for a parcel of 10 Regency houses in Oakfield Road, Clifton.
Every vendor’s — and auctioneer’s — nightmare became reality at Lalonde’s auction that day when it became clear that Mr Savin did not have the required funds with which to pay for his purchase.
Apparently Mr Savin, who did not even own his own house at the time, was on holiday and had entertained friends to lunch, after which he had strolled into the auction in a fairly relaxed mood. He opened the bidding for this particular lot and at the end of the bidding signed a contract and handed over a nominal £100 deposit.
As a consequence he found himself liable for £1.8m which he did not have, the cause of some embarrassment to auctioneers Lalondes and, even worse, also liable for any difference in price should the amount achieved at the second sale fall short of £1.8m, whether he had the means to pay or not.
But the wheel of fortune has turned again for the unfortunate Mr Savin. The property has been revalued at £2.2m and, if sold for a profit, he may not have to face legal action from the irate vendors who are presently paying £5,000 a week in interest charges as well as legal costs.
