Dunedin auctioneer Graeme Bezett started the bidding at $50,000 for lots 42-45 which had previously been sold for "well over $200,000" and lot 21 which had previously been sold for $255,000.
The handful of bidders from a crowd of almost 70 people present were not keen to venture past the $90,000-$100,000 mark.
When Lot 44 struggled to reach $90,000, Mr Bezett said: "This is absolutely ridiculous."
It finally reached $110,000 before being passed in.
Lot 12 was passed in at $192,000 and lot 15, which had previously been sold for about $440,000, was passed in at $225,000.
Negotiations after the auction resulted in lots 12 and 15 being sold for a little more than the closing bid, and a conditional contract had been signed for lot 42, PGG Wrightson's Cromwell branch manager, Neil Bulling, said yesterday.
The sections were up for auction after buyers who had received their titles only last month were unable to follow through with the sales because of the credit crunch, Perriam Cove and Pisa Cove director Dave Robertson said.
A property in Hall Road at Bannockburn sold for $405,000 at a mortgagee auction on Friday.
