Bidding to start at less than $1 for this oceanfront property

This land block on New Zealand's North Island, is up for auction with a reserve of just NZ$1 (93 Australian cents). READ MORE: Cyclone Kirrily weakens to tropical low after crossing coastAchitect Andy Coltart had owned the property and another nearby for more than five years. The property is being sold by Bayleys, which is pitching it as the "the opportunity of a lifetime!" "Own a unique slice of paradise with our exclusive beachfront land auction. This extraordinary property extends seamlessly from the shore, and once had a house on site," the advertisement says.