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A controversial $1 reserve real estate deal has finally been settled and the purchaser will take possession of the designer Browns Bay home on Monday.
Colin Boot made headlines when he successfully bid for the upmarket house at Labour Weekend. The house was advertised as having a $1.03 million valuation yet was going to sale with just a $1 reserve.
Mr Boot clinched the auction with a purchase price of $685,000 for the four-bedroom home with sea views.
But more than a week later he could not track down the vendor to close the deal.
Mr Boot had no copy of the sales document he signed and the vendor did not return calls.
But Mr Boot told the Weekend Herald yesterday the sale had finally gone through on Thursday after the purchase was approved by the vendor's bank and confirmed by the parties' lawyers.
He admits the purchase ended up more stressful than he would have wished but reckons it was worth it. He thought the house was worth between $800,000 and $900,000.
Mr Boot said his American fiance, who recently arrived in New Zealand, was impressed with the house which they had taken a look at from outside.
"She thinks it's fabulous ... I think I'll move in next week. I just have to buy furniture."
The move north will mark a fresh start for Mr Boot after 30 years living in Christchurch.
