Tuesday, 22nd May 2007 (4747 views)

A gold bar worth £1,100 has been sold at an online auction for 1p.

The lucky winner was Paul Myring, a retail manager from Bishop Stortford in the UK, who had placed a bet on the unusual online betting website Humraz.

The site works by getting people to place bets for items and the winner is the person who places the lowest unique, or unmatched, bid.

"It is incredible no-one else bid 1p. Every other bidder must have thought it was too obvious," said My Myring.

"When I heard about Humraz, I thought 'why not have a go?' I'm very pleased I did!"

And now he has a gold bar which he plans to keep for its value as an asset. He said he will put it somewhere very safe because it is a great investment and he is still betting on other items on the Humraz site.

The founder of Humraz, Asmat Monaghan, says that he never anticipated a 1p win despite it being a common occurrence for people to submit 1p bids. Other recent gold bar auctions have closed at 52p and £1.85.

 

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