A million-dollar Auckland home auctioned at no reserve by the owner to avoid up to $50,000 of agency fees sold far below expectation.
The six-bedroom, three-bathroom house in Henderson sold for $1.45 million at a poolside auction - just $220,000 above its CV.
Owner Leon Laugalis said he was disappointed, with just 24 people turning up despite his TradeMe listing having over 39,000 views.
"I'm not happy. It sold well below its value. I was told it was likely to get between $1.8 million and $2.4 million," he said.
"A property developer has bought it and he knows he is buying it well below what it could sell for."
Mr Laugalis, a 70-year-old retired investment broker, said the "French Riviera-style" house almost went for much less.
The highest bid was $700,000 before the winner's offer, submitted by phone, was taken.
"When the auction has no reserve the vultures turn up, they were wanting to take it for peanuts.
"This is a very, very valuable place and I would think there would be 100 people here trying to buy it. Especially with the so-called shortage of houses, this is a fabulous big home it's a crime to sell it for what I sold it for."
Mr Laugalis said he had also received offers of $1.8 million and $1.9 million before the auction, but had turned them down.
Located at 5 Swanson Rd, the sprawling 397sq m concrete home has a CV of $1.225 million and sits on a 1200sq m section. It features three bathrooms, three living areas, a private courtyard and its own 55,000-litre pool.
The property also boasts parking for five vehicles, nine mature palms and was marketed to suit "a passionate flamboyant purchaser who has an eye for the good life".
Mr Laugalis paid $525,000 for the house in 2004 but has decided to downsize and go mortgage-free.