This is only seems like a remarkable story because it contains a bunch of fictitious numbers. The listings of $1b or $650 or even $400 are absurd and bear no relationship to reality. This is just an example of a lender taking possession of a property on which the owner owes far more than its worth, which happens all the time.
I could take out six mortgages on my house, get deeply underwater, then list my house trillion dollars–that doesn’t make it remarkable when the bank repossesses it for an infinitesimal fraction of that asking price.
If the wagon was actually worth $100, then there would have been plenty of other bidders. It wasn’t, hence the wagon going back to Wally and him eating the original debt.
