Sources close to Daw Aung San Suu Kyi's legal team stated that the auction official reported to the court that her residence failed to attract bidders, despite being put up for auction.
During the auction on March 20, the bailiff inquired three times for potential bidders interested in purchasing the residence located in yard No. 54, yet received no response, prompting the bailiff to declare the auction held in that yard unsuccessful.
"What to do next will only be known after the relevant officer submits a report to the court”, a source close to Daw Aung San Suu Kyi’s legal team said.
As per protocol, the court will determine the date for the next auction following the unsuccessful first attempt.
Daw Aung San Suu Kyi's residence, situated within a nearly 2-acre compound, is valued at 3.5 million MMK per square foot, with a floor price of 3 trillion MMK (equivalent to nearly 90 million US dollars).
Daw Aung San Suu Kyi's legal team and representatives were barred from attending the auction held on March 20, following the court's decision to proceed with the auction of the residence amidst an ongoing inheritance dispute.
On January 25, the court ruled to proceed with the auction of yard No. 54 located on University Avenue Road in Yangon.
