Real estate tycoon John McGrath auctioned off a $1.83 million home HIMSELF despite not being licensed to do so – so is the sale invalid?
- John McGrath auctioned a $1.83million home in Sydney’s inner-west on Saturday
- The real estate tycoon’s licence expired less than a week earlier on February 11
- The three-bedroom home in Stanmore sold $175,000 above $1.65million reserve
Real estate tycoon John McGrath auctioned off a $1.83million home despite his licence expiring less than a week earlier.
The McGrath Estate Agents founder took control of proceedings at an auction in Stanmore, in Sydney’s inner west, on Saturday.
But the famous real estate pioneer, who rarely makes an appearance at auctions, was not authorised to conduct the bidding.
According to the Office of Fair Trading, Mr McGrath’s property licence expired on Monday February 11.
Real estate tycoon John McGrath auctioned off a $1.83million home despite his licence expiring less than a week earlier
The three-bedroom home on Harrow Rd sold $175,000 above the $1.65million reserve as a crowd of 70 watched on.
Mr McGrath decided to call the auction to instead of colleague Jon Craven, news.com.au reported.
‘When the Michael Jordan of real estate shows up, you let him do his thing,’ Mr Craven said.
Sellers Karen James and Bruce Lawson were reportedly ‘delighted’ with the result.
Under the Property, Stock and Business Agents Act 2002, a licence lapses if it is not renewed on time.
The former licence holder has three months in which they may apply to have the licence ‘restored’.
A spokesperson from NSW Fair Trading said: ‘Mr John Damien McGrath’s licence expired on 11 February 2020.’
‘McGrath Head Office contacted Fair Trading on 17 February 2020 to disclose Mr McGrath had performed the work of an auctioneer over the weekend after his licence had expired.
‘Fair Trading has provided Mr McGrath with education in line with its Compliance and Enforcement Policy and will monitor the progress of Mr McGrath’s application.’
The famous real estate pioneer, who rarely makes an appearance at auctions, was not authorised to conduct the bidding. According to the Office of Fair Trading, Mr McGrath’s property licence expired on Monday February 11 (stock image)