When a man sold a stolen bicycle for $4.3m at auction

An auctioneer has been caught red-handed selling a stolen bike for $3.3 million in a bid to cover his expenses.

The bike was stolen from the house of a retired teacher from the west of Sydney’s Central Coast in May.

The auctioneer, who was not identified by police, told the ABC he had just bought the bike for around $4,000.

The man, who is aged in his 60s, was arrested at his house in Chatham.

A $3,000 sale price for the stolen bicycle was recorded at $3 million.

The man told police he had sold the bike at a previous auction and had not heard anything about it since.

The police investigation has now concluded and the man has been charged with possession of stolen property, possession of property for hire, theft, and theft of a motor vehicle.

“The police investigation into the theft of this bicycle has concluded and he has been arrested and will appear in the Newcastle Magistrates Court tomorrow morning,” Detective Senior Sergeant James Campbell from the Central Coast Regional Crime Squad said in a statement.

More to come.