SYDNEY, July 29 (Xinhua) -- An Australian town could potentially be sold for 1 Australian dollar (7.5 U.S. cents) to a lucky bidder on Saturday.
The once thriving Queensland border town of Yelarbon, with a small population of 448, is expected to go under the hammer with no reserve price as a desperate attempt to find a new owner.
Auctioneer Jodi Bynon said a large chunk of the town's commercial precinct, seven shops along with a three-bedroom home, will all be offered at the auction to one lucky person for a steal, NewsCorp reported on Friday.
Yelarbon, just 6km from the New South Wales border, is still home to a pub and a primary school with 34 students.
Out of the seven shop fronts being offered at the auction, only one is tenanted by Australia Post which pays 346.60 Australian dollars (259.92 U.S. dollars) per month in rent.
The previous owner, who died in 2015, bought the properties in 1989, when the possibility of a high speed rail line between Melbourne and Darwin seemed a distinct possibility.
"At the end of the day, there's very rarely a no reserve auction, we will open it to the public for bidding and wherever it stops is what it will sell for," Bynon said.
The auction comes just days after an Australian man won a multi-million dollar of 16-room Pacific Island resort for 49 U.S. dollars via a raffle ticket.