A bar of gold bullion worth more than £1,000 has been sold at Humraz Auctions for just 1p.

The auction winner, 36 year-old Paul Myring, a retail manager from Bishop Stortford, could not believe his luck when he won the gold bar with the lowest unique bid.

“It is incredible that no-one else bid 1p. Every other bidder must have thought it was too obvious,” he said.

Humraz Auctions deals only in assets, such as gold bullion or property, and all bidders pay a service charge of £3 per bid.

Auctions are closed once a set number of bids have been made, or it reaches its deadline.

Asmat Monaghan, founder of Humraz Auctions, admitted that he had not anticipated a 1p winner.

Posted: 05|25|07 at 2:39 pm. Filed under: UK News.