Under the Proceeds of Crime Act Landwood Property Auctions listed the neglected Hertfordshire home on its global auction platform this week securing a £1.2 million sale.
Within just one hour of bidding the Hertfordshire four-bed home went from an opening bid of £290,000 to £1,201,250 from 400 bids across the globe.
Now neglected and fire-damaged, South Bend in Kings Langley was left in ruins after the property was left abandoned.
Landwood Property Auctions stands as the only property auctioneer that conducts fully online auctions on a weekly basis and to a global audience.
James Ashworth, Landwood Property Auctions director said: “ Proceeds of Crime disposals form a large part of our daily operations. Its properties such as these that always generate a lot of interest.
“That said, this property exceeded expectations with more than one bid per second – with close to 400 total bids amounting to a sale of nearly £700,000 more than the guide price.
“At Landwood we’re proud to deal with a range of Proceeds of Crime sales and we are always happy to help recover funds for the public purse and help compensate victims of crime.
“We have become experts in this field and our thorough approach ensures we get the highest number of possible bids and the best returns for the Courts who ensure the full criminal benefit is repaid.
“This sale is testament to the reach of our global auction platform and the technology behind it that keeps pace with the dynamic property market.”