A man who bought a $3 million apartment in the Auckland suburb of St Mary’s bay says he hasn’t come up with the money due to his cryptocurrency stocks plummeting.
The man agreed to buy an apartment on Shelly Beach Rd in St Mary’s Bay for $3,095,000 in October 2021, but has failed to settle.
The sale required the buyer to pay $619,000 as a deposit within 90 days and pay in full within the five days of a certificate of compliance being issued for the new apartment.
The construction of the apartments were completed in early 2023. The man paid half the deposit but nothing after that.
The realtor issued a settlement notice to the man, but they still failed to pay, so the company went to the High Court seeking payment or damages.
The man opposed the companies the companies application had told the court he realised in 2023 that he wouldn’t be able settle because the value of his cryptocurrencies mostly consisting of Bitcoin and Etherium had plummeted.
The man said he was expecting to sell a $1.3m property in Queensland and would be able to put some $400,000 from that towards the apartment’s purchase.
The company said it was prepared to give the man until 31 March 2025 to settle the agreement in full, on agreed terms.
