Australian's repossessed home sold for 1,000 dollars

Sydney - An Australian man whose house was repossessed by the Victorian state government and then sold at auction for 1,000 Australian dollars (1,007 US dollars) told a Melbourne court Thursday that it was worth 630,000 Australian dollars.

Zhiping Zhou was fighting the sale of his house in a Melbourne suburb, which was repossessed over a 98,000-Australian-dollar debt.

The buyer told the Victorian Supreme Court that the transaction was legal because no reserve price was set for the auction.//DPA