Lawyers for Zhou argue the sheriff should have returned to court when the low offer of $1000 was made, because he had a duty of care to ensure the price achieved for the asset was fair and reasonable.
Anthony Strahan, speaking for the sheriff, argued the Sheriff’s Act made the office “immune” from being held responsible for the outcome of such an auction.
It’s reported costs the buyer will have to pay to actually gain occupancy (legal fees, stamp duty and costs) and title are close to $120,000.
Mr Zhou is reported to have had $210,000 equity in the Braybrook home, and own other real estate assets.
The buyer, Ronald Kousal, said in an affidavit that he would search the Government Gazette each week for properties up for auction.
He is reported to have outbid a $200 offer for the mansion, some nine kilometres from the CBD.
The Supreme Court said today Mr Zhou has a case, and this is now continuing.