Property seized by police for sale at auction
Every year the police seize property and other assets from criminals, which are sold off at auction. Wilsons auctioneers in Belfast is one of the leading auction houses that sells these assets.
Wilsons works for over 40 British law enforcement agencies to sell off seized assets. In April 2018, they are auctioning several assets that have been seized under the Proceeds of Crime Act. Criminals have expensive tastes. Items for sale include
luxury cars, Rolex watches, cigars worth £300 and a bottle of Belvedere vodka valued at £350. A boxing belt signed by Chris Eubanks and fellow boxer Chris Pyaff is among the more unique items. All these and other goods are being sold with no reserve.
Property and land that is seized does have a reserve price. Wilsons handles the sale of property located all over the UK. Not all property is expensive. For example, a lock up unit in Speke has a guide price of £15,000.
Property buyers will need to pay a deposit after a winning property bid, then pay the rest of the purchase price within about 3 weeks. If this does not give bidders enough time to arrange a mortgage for the property, bridging loans are available to bridge the gap until longer-term finance is arranged.
For investors who do not mind that property has been associated with criminal activities, police seized property can be a worthwhile investment opportunity, especially if it can be bought for below market prices.