auction on Tuesday.

Mr. Graham Coxall, of Marshall & Co., acting for mortgagee Mrs Doris Doyle, said: "Bids were well below the undisclosed reserve price.

"This happens frequently. In fact, I haven't attended an auction that has been successful in the last year''.

There appeared to be only three individuals attending the auction, organised by LP Gutteridge, who showed interest in making bids, said Mr. Coxall.

He is currently discussing options with Mrs. Doyle.

Mr. J.J. (Jack) Outerbridge of LP Gutteridge said interested parties would be invited to negotiate for the property privately.

The Register of Mortgages records the principal sum at $400,000 with interest at seven percent per annum interest.