Chinese court auctions a single Sprite bottle after millionaire owner goes bankrupt
A Chinese court auctioned off a bankrupt millionaire's last remaining asset¡ªa bottle of Sprite¡ªsparking criticism for wasting judicial resources. The online auction, hosted on Alibaba¡¯s Judicial Auction Platform, drew over 360 bidders and 13,000 views.
A court in China auctioned off a former millionaire's sole surviving item of property - a bottle of soft drink - prompting criticism for wasting judicial time and resources. According to a report in the South China Morning Post, over 360 people registered to bid on the bottle of Sprite. Sprite normally costs 6 yuan in China (about ?70).
Where was the auction held?
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The Dafeng District People's Court in Jiangsu Province, China, held the auction. Alibaba hosted it on its Alibaba Judicial Auction Platform, which is an online platform that allows judges to auction off seized assets like real estate, vehicles, and luxury goods.
The inclusion of a bottle of Sprite among such premium items drew criticism on Chinese social media.
Who did the bottle of Sprite belong to?
The owner of the Sprite bottle was only identified by his surname, Chen, in the report. He was engaged with two companies: a biotechnology corporation and a marine food company.
Why did the millionaire go bankrupt?
Credit: Photo by Nicola Barts
The registered capital of the enterprises exceeded ten million yuan. Both companies declared bankruptcy and legal documents revealed that they faced several sanctions and administrative penalties.
Chen stated that his enterprises could not fulfil their obligations, but he anticipated that his circumstances will improve in the future. On September 22, his bottle of Sprite went up for sale, with a starting bid of 4.2 yuan.
The court also informed potential bidders that the bottle would have to be picked up in person because shipment was not possible. The listing attracted more than 13,000 views.
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