Bidder Accidentally Offers 17.2 Billion Won for Apartment After Extra '0' Error

A bidder at an apartment auction in Yeongdeungpo-gu, Seoul, submitted a bid nearly 10 times higher than the market price.

It appears highly likely that the bidder made a mistake by adding an extra '0'.

Here is the report.

On June 11, an apartment unit in Yeongdeungpo-gu was sold at an auction held at the Seoul Southern District Court for 17.296 billion won.

The minimum bid price for this auction was 1.54 billion won, and experts in the auction industry believe the bidder accidentally added an extra '0' to the bid amount.

However, even if the bidder decides to forfeit the purchase, a significant financial loss seems inevitable.

In court auctions, participants are required to pay a deposit equal to 10% of the minimum bid price.

For this property, a deposit of 150 million won was required, and if the bidder chooses not to pay the remaining balance, that deposit will be forfeited.

With the recent increase in participants in the auction market, such cases of bidding errors are occurring frequently.

Last month, a bidder made headlines after submitting a bid of over 6.6 billion won for an apartment in Guro-gu that was valued in the 800 million won range.
※ Please note: This article was translated by AI and may contain errors.