First auction finds no takers, business magnate’s Rolls-Royce gets cheaper

The new starting price for the four-seater Rolls-Royce Ghost will be VND9.7 billion ($390,600), compared to VND10 billion in the first auction, auction house Minh Phap said in a release.

The car was placed as collateral for the credit contract between FLC Faros Construction (under FLC Group) and BIDV, but the lender had recently seized it to settle the debt.

The second auction is set to be held on Nov. 9 and bidders must put down a deposit of VND1.94 billion.

Another Rolls-Royce of Quyet is being auctioned for a VND28 billion starting price, while a yacht belonging to FLC is auctioned from VND35.75 billion.

Quyet and two of his sisters are being investigated for fraud following their arrest for alleged stock market manipulation in March and April.

Apart from BIDV, Orient Commercial Bank has also been seizing FLC collateral. It has acquired seven condotels, 81 hotel rooms and 169 resort rooms to compensate for FLC and Bamboo Airways debts.