Veteran's online auction goes wrong - CBS46 News

Veteran's online auction goes wrong

Posted: Updated:
(Source: WGCL) (Source: WGCL)
ATLANTA (CBS46) -

David Ladd thought he would make at least $1,500 after the business fees when selling his items with Maxsold.

A company representative told him that estimate was accurate but the Army veteran was shocked when after the sale, his calculations showed he owed Maxsold money.

"The couch I'm sitting on sold for $11," said Ladd.

He wasn't expecting to get much from his online auction with Maxsold, but to him the prices his items were selling for seemed like he was giving away his valuables for free.

"I think we paid around six or seven hundred dollars for this and I put it on the auction thinking maybe I'd get $100-150, and the person who  won this got it for $7.01."

Ladd reached out to Maxsold about an auction sale in a state of desperation after he got into financial trouble and needed extra cash to survive.

"After I signed their agreement and gave them my personal information, my banking information, I started reading about their auction process and what raised a red flag with me is I couldn't set reserve prices of minimum bidding amounts."

Ladd says he tried to get out of the sale but was threatened multiple times with financial penalties so he had no choice but to go forward.

"One item in the auction was a China cabinet and it's pretty old kind of antique, but it's in excellent condition. It was sold for $11.01."

Ladd was fortunate enough that on pick up day a few buyers of the big items were sympathetic and took a refund instead of the furniture, but other buyers got angry.

"People picked up if there's pieces in the lot they didn't want, they'd just throw it in the yard in leave it."

After back and forth with Maxsold, the company chose not to charge Ladd commission, but he walked away from the sale with only half of the amount of money he thought he'd make.

He says he'll never forget the feeling of being taken advantage of during his time of need.

"I was violated, without a doubt violated."

In a statement to CBS46, Maxsold apologized for Ladd's experience with the company. They said they failed him by letting the sale go forward and that they are deeply sorry.

Copyright 2018 WGCL-TV (Meredith Corporation). All rights reserved. 

Connect with CBS46