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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>UNITED STATES</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Washington, DC &nbsp;20549</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>FORM 8-K</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>Date of Report (Date of earliest event reported): &nbsp;February 28, 2005</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>ABLEAUCTIONS.COM, INC.</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Exact name of Registrant as specified in charter)</P>
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<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Florida</P>
<P style="margin-top:0pt; margin-bottom:-14pt; padding-left:72pt; text-indent:180pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">000-28179</P>
<P style="margin:0pt; padding-left:72pt; text-indent:324pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">59-3404233</P>
<P style="margin-top:0pt; margin-bottom:-11pt; padding-left:72pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(State or other jurisdiction</P>
<P style="margin-top:0pt; margin-bottom:-11pt; padding-left:72pt; text-indent:144pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Commission File Number)</P>
<P style="margin:0pt; padding-left:72pt; text-indent:324pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">(IRS Employer </P>
<P style="margin-top:0pt; margin-bottom:-11pt; padding-left:72pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">of incorporation)</P>
<P style="margin:0pt; padding-left:72pt; text-indent:324pt; line-height:11pt; font-family:Times New Roman; font-size:9pt">Identification Number)</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>1963 Lougheed Highway</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>Coquitlam, British Columbia Canada</B></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center>(Address of principal executive offices)</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Registrant&#146;s telephone number, including area code: &nbsp;604-521-3369</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (See General Instruction A.2 below).</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>[ &nbsp;&nbsp;&nbsp;&nbsp;] &nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>[ &nbsp;&nbsp;&nbsp;&nbsp;] &nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>[ &nbsp;&nbsp;&nbsp;&nbsp;] &nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</P>
<P style="margin:0pt; font-family:Times New Roman; font-size:12pt" align=justify><BR></P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>[ &nbsp;&nbsp;&nbsp;&nbsp;] &nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13(e)-4(c))</P>
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<P style="page-break-before:always; margin:0pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>This Form 8-K and other reports filed by the Registrant from time to time with the Securities and Exchange Commission (collectively the &#147;Filings&#148;) contain forward looking statements and information that are based upon beliefs of, and information currently available to, the Registrant&#146;s management as well as estimates and assumptions made by the Registrant&#146;s management. &nbsp;When used in the Filings the words &#147;anticipate&#148;, &#147;believe&#148;, &#147;estimate&#148;, &#147;expect&#148;, &#147;future&#148;, &#147;intend&#148;, &#147;plan&#148; or the negative of these terms and similar expressions as they relate to the Registrant or the Registrant&#146;s management identify forward looking statements. &nbsp;Such statements reflect the current view of the Registrant with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to the Registrant&#146;s industry, operations and results of operations and any businesses that may be acquired by the Registrant. &nbsp;Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Item 2.01.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Completion of Acquisition of Assets.</B></P>
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<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>On February 24, 2005 Ableauctions.com, Inc. (the &#147;Registrant&#148;), through its assignee and wholly owned subsidiary, 0716590 B.C. Ltd., exercised its option to purchase the 21,946 square foot commercial building and property that it currently leases along with two other tenants, located at 1963 Lougheed Highway, Coquitlam, British Columbia, Canada (the &#147;Property&#148;). &nbsp;The Property was purchased from Bullion Reef Holdings Ltd, a private company that is wholly-owned by the wife of Mr. Abdul Ladha, the Registrant&#146;s President and a director. &nbsp;The purchase price was $2,221,316.</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Property consists of 19,646 square feet of commercial space and 2,300 square feet of residential property and is located on approximately eight-tenths of an acre. &nbsp;The Property currently serves as the Registrant&#146;s headquarters. &nbsp;Prior to the purchase, the Registrant leased the property, along with two other tenants, for a combined annual rent of $185,460.</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman; font-size:11pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>The Registrant&#146;s board of directors obtained three independent appraisals of the Property. &nbsp;These appraisals were provided to a fourth independent appraiser who recommended the final purchase price to the board of directors. &nbsp;The purchase price was below the average of the three valuations and was paid in cash by the Registrant. &nbsp;Mr. Ladha abstained from voting.</P>
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<P style="margin-top:0pt; margin-bottom:-13pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Item 9.01.</B></P>
<P style="margin:0pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify><B>Financial Statements and Exhibits.</B></P>
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<P style="margin-top:0pt; margin-bottom:-13pt; text-indent:72pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Exhibit 10.1</P>
<P style="margin:0pt; text-indent:144pt; line-height:13pt; font-family:Times New Roman; font-size:11pt" align=justify>Agreement between Bullion Reef Holdings, Ltd. and 0716590 B.C. Ltd.</P>
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<A NAME="node2"></A><P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=center><B>SIGNATURES</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt"><B>ABLEAUCTIONS.COM, INC.</B></P>
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<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">&#147;Abdul Ladha&#148;</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">_________________________________</P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Abdul Ladha, Chief Executive Officer </P>
<P style="margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt">Dated: &nbsp;February 28, 2005</P>
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<P style="page-break-before:always; margin:0pt; line-height:14pt; font-family:Times New Roman; font-size:12pt" align=right>Exhibit 10.1</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman; font-size:16pt" align=justify><SMALL>This Agreement dated for reference January 1, 2005,</SMALL></P>
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<P style="margin:0pt; font-family:Times New Roman" align=justify>Between:</P>
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<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify><B>Bullion Reef Holdings Ltd.,</B> a company incorporated pursuant to</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify>the laws of the Province of British Columbia, having its registered office</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify>at 19<SUP>th</SUP> Floor, 885 West Georgia Street, Vancouver, B.C., V6C 3H4</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify>(the &quot;Vendor&quot;)</P>
<P style="margin:0pt; text-indent:324pt; font-family:Times New Roman" align=justify>Of the First Part</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>And</P>
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<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify><B>0716590 B.C. Ltd</B>, a company incorporated pursuant </P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify>to the laws of the Province of British Columbia, having its registered</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify>office at #217 - 713 Columbia Street, New Westminster, British</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify>Columbia, V3M 1B2</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; text-indent:324pt; font-family:Times New Roman" align=justify>Of the Second Part</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify>(the Purchaser&#148;)</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify>Whereas:</P>
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<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman" align=justify>A.</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align=justify>The Vendor is the registered owner of certain real property situate at 1963 Lougheed Highway, Coquitlam, &nbsp;British Columbia, and legally described as follows:</P>
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<P style="margin:0pt; text-indent:108pt; font-family:Times New Roman" align=justify>Parcel Identifier: 004-925-963</P>
<P style="margin:0pt; padding-left:108pt; padding-right:108pt; font-family:Times New Roman" align=justify>Lot 129 District Lots 62 and 63 Group 1 </P>
<P style="margin:0pt; text-indent:108pt; font-family:Times New Roman" align=justify>Plan 51328 Except: Part within heavy black</P>
<P style="margin:0pt; text-indent:108pt; font-family:Times New Roman" align=justify>outline on highway Statutory Right of Way</P>
<P style="margin:0pt; text-indent:108pt; font-family:Times New Roman" align=justify>Plan 63067 New Westminster District</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; text-indent:108pt; font-family:Times New Roman" align=justify>(the &quot;Property&quot;)</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman" align=justify>B.</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align=justify>The Purchaser wishes to purchase the Property from the Purchaser and the Vendor has agreed to sell the Property to the Purchaser upon the terms and conditions hereinafter set out.</P>
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<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><B>NOW THEREFORE THIS AGREEMENT WITNESSES</B> that in consideration of the mutual covenants and conditions hereinafter contained, the parties hereto covenant and agree each with the other as follows:</P>
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<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>1.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>PURCHASE PRICE</U></B></P>
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<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>1.01</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>The Purchase Price shall be <B>TWO MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($2,750,000.00) CANADIAN </B>&nbsp;(the &quot;Purchase Price&quot;) and shall be paid to the Vendor by the Purchaser on or before the Completion Date.</P>
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<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman" align=justify>1.02</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align=justify>The Purchaser shall remit directly to Revenue Canada any GST payable in respect of the purchase of the Property.</P>
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<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>2. &nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>COMPLETION DATE</U></B> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
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<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman" align=justify>2.01</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Times New Roman" align=justify>(a)</P>
<P style="margin:0pt; padding-left:36pt; text-indent:36pt; font-family:Times New Roman" align=justify>The sale will be completed forthwith upon execution of the transfer documents by</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify>the Vendor, but in any event not later than March 1, 2005 (&quot;Completion Date&quot;);</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Times New Roman" align=justify>(b)</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify>Tender or payment of monies by the Purchaser to the Vendor will be by certified </P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify>cheque, bank draft, or by solicitor&#146;s trust cheque;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(c)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>All documents required to give effect to this Agreement will be delivered in registrable form where necessary and shall be lodged for registration in the appropriate Land Title Office on or before the Completion Date;</P>
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<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-36pt; font-family:Times New Roman" align=justify>(d)</P>
<P style="margin:0pt; padding-left:72pt; font-family:Times New Roman" align=justify>Time shall be of the essence hereof, and unless the balance of cash payment is paid and such formal agreement to pay the balance as may be necessary is entered into on or before the Completion Date, the Vendor may at its option terminate this Agreement.</P>
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<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>2.02 &nbsp;&nbsp;&nbsp;</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>At or before the closing the Vendor shall deliver to the Purchaser the following:</P>
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<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-72pt; font-family:Times New Roman" align=justify>i)</P>
<P style="margin:0pt; padding-left:72pt; text-indent:36pt; font-family:Times New Roman" align=justify>a Form A Freehold Transfer (the &#147;Transfer&#148;) prescribed by the British Columbia <I>Land Title Act</I> conveying the Property to the Purchaser, duly executed by the Vendor in registrable form;</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; text-indent:-72pt; font-family:Times New Roman" align=justify>ii)</P>
<P style="margin:0pt; padding-left:72pt; text-indent:36pt; font-family:Times New Roman" align=justify>a Statement of Adjustments approved by the Vendor.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman" align=justify>3.</P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; font-family:Times New Roman" align=justify><B><U>CLEARING TITLE</U></B></P>
<P style="margin:0pt; padding-left:36pt; text-indent:180pt; font-family:Times New Roman" align=justify><BR></P>
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<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>3.01</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>If the Vendor has existing financial charges to be cleared from title, the Vendor, while still required to clear such charges, may wait to pay and discharge the existing financial charges until immediately after receipt of the purchase price, but in this event, the Purchaser may pay the purchase price to a lawyer, in trust, on undertakings to pay and discharge the financial charges and remit the balance, if any, to the Vendor.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>4.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>POSSESSION</U> </B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>4.01</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>The Purchaser will have vacant possession of the Property at 12:00 o&#146;clock noon on the day after the Completion Date (the &#147;Possession Date&#148;).</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>5.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>ADJUSTMENTS</U> </B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>5.01</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>The Purchaser will assume and pay all taxes, rates, local improvement assessments, fuel, utilities and other charges from and including the date set for adjustments, and all adjustments both incoming and outgoing of whatsoever nature will be made as of the January 1, 2005 (the &#147;Adjustment Date&#148;).</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>6.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>RISK</U></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>6.01</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>All buildings on the Property and all other items included in the purchase and sale will be and remain at the risk of the Vendor until 12:01 a.m. on the Completion Date. &nbsp;After that time, the Property and all included items will be at the risk of the Purchaser.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>7.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>VENDORS' REPRESENTATIONS</U></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>7.01</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><B></B>In accepting this Offer, the Vendor hereby represents and warrants to the Purchaser that:</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; font-family:Times New Roman" align=justify>(a)</P>
<P style="margin:0pt; padding-left:72pt; text-indent:36pt; font-family:Times New Roman" align=justify>The Vendor is a corporation duly incorporated and validly existing under the laws of the Province of British Columbia and has the power, authority and capacity to carry out the transactions contemplated by this Offer, all of which will by the Completion Date have been duly and validly authorized by all required corporate proceedings;</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; font-family:Times New Roman" align=justify>(b)</P>
<P style="margin:0pt; padding-left:72pt; text-indent:36pt; font-family:Times New Roman" align=justify>The Vendor has, and will have on the Completion Date, good and marketable title to the Property, free and clear of all liens, charges and encumbrances except subsisting conditions, provisos, restrictions, exceptions and reservations, including royalties, contained in the original grant or contained in any other grant or disposition from the Crown, &nbsp;registered restrictive covenants and rights-of-way, existing tenancies set out below and except as otherwise set out herein (the &#147;Permitted Encumbrances&#148;)<FONT FACE="Courier 10cpi">;</FONT></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; font-family:Times New Roman" align=justify>(c)</P>
<P style="margin:0pt; padding-left:72pt; text-indent:36pt; font-family:Times New Roman" align=justify>All municipal taxes, local improvement taxes, rates, levies and assessments of every nature and kind with respect to the Property for the 2004 calendar year and all preceding calendar years have been paid in full, and the Vendor has no present and knows of no future obligations to construct or provide, or to pay monies to any statutory authority in connection with off-site roads, services, utilities or similar services in connection with the Property;</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:72pt; font-family:Times New Roman" align=justify>(d)</P>
<P style="margin:0pt; padding-left:72pt; text-indent:36pt; font-family:Times New Roman" align=justify>The Vendor has received no notice and has no knowledge of any intention of any statutory authority to expropriate all or any part of the Property or any intention of the applicable municipal authority to alter its zoning by-law &nbsp;so as to affect, or potentially affect, the Property.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>8.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>CONDITIONS</U></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>8.01</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><B></B>The Purchaser's obligation to complete the purchase contemplated by this Offer is subject to fulfilment of the condition that the representations and warranties of the Vendor contained in this Offer being true on and as of the Completion Date with the same effect as though on the Completion Date.</P>
<P style="margin:0pt; text-indent:72pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>8.02</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>The condition in 8.01 is for the sole benefit of the Purchaser and may be waived in whole or in part by the Purchaser.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>8.03</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>The Vendor and Purchaser acknowledge that the Vendor is controlled by the Chief Executive Officer of the Purchaser and that this transaction may be regarded as a non-arms length transaction.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>9.</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify><B><U>GOVERNING LAW</U></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>9.01</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>This Offer and the Agreement resulting from its acceptance shall be governed by and construed in accordance with the laws of the Province of British Columbia.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>9.02</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>There are no representations, warranties, guarantees, promises or agreements other than those set out above, all of which survive the completion of sale.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:36pt; text-indent:-36pt; font-family:Times New Roman" align=justify>10.</P>
<P style="margin:0pt; padding-left:36pt; font-family:Times New Roman" align=justify><B><U>BINDING EFFECT</U></B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>10.01</P>
<P style="margin:0pt; text-indent:36pt; font-family:Times New Roman" align=justify>This Offer and the Agreement resulting from its acceptance shall enure to the benefit of and be binding upon the parties hereto and their respective successors and assigns.</P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:252pt; text-indent:-252pt; font-family:Times New Roman" align=justify><B>0726590 B.C. LTD.</B></P>
<P style="margin:0pt; padding-left:252pt; font-family:Times New Roman" align=justify><B>BULLION REEF HOLDINGS LTD.</B></P>
<P style="margin:0pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin-top:0pt; margin-bottom:-12pt; padding-left:252pt; text-indent:-252pt; font-family:Times New Roman" align=justify>___________________________</P>
<P style="margin:0pt; padding-left:252pt; text-indent:36pt; font-family:Times New Roman" align=justify>____________________________</P>
<P style="margin-top:0pt; margin-bottom:-12pt; font-family:Times New Roman" align=justify>Per:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:36pt; font-family:Times New Roman" align=justify>Authorized signatory</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:252pt; font-family:Times New Roman" align=justify>Per:</P>
<P style="margin-top:0pt; margin-bottom:-12pt; text-indent:288pt; font-family:Times New Roman" align=justify>Authorized signatory</P>
<P style="margin:0pt; text-indent:396pt; font-family:Times New Roman" align=justify><BR></P>
<P style="margin:0pt; font-family:Times New Roman; font-size:7pt" align=justify><BR></P>
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{"company-data": {"conformed-name": "ABLEAUCTIONS COM INC", "cik": "0001099290", "assigned-sic": "7389", "irs-number": "593404233", "state-of-incorporation": "FL", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-15931", "film-number": "05644323"}, "business-address": {"street1": "1963 LOUGHEED HIGHWAY", "city": "COQUITLAM", "state": "A1", "zip": "V3K 3T8", "phone": "604-521-3369"}, "mail-address": {"street1": "1963 LOUGHEED HIGHWAY", "city": "COQUITLAM", "state": "A1", "zip": "V3K 3T8"}}
Converted by EDGARwiz
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):  February 28, 2005
ABLEAUCTIONS.COM, INC.
(Exact name of Registrant as specified in charter)
Florida
000-28179
59-3404233
(State or other jurisdiction
(Commission File Number)
(IRS Employer
of incorporation)
Identification Number)
1963 Lougheed Highway
Coquitlam, British Columbia Canada
(Address of principal executive offices)
Registrant's telephone number, including area code:  604-521-3369
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (See General Instruction A.2 below).
[     ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[     ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[     ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[     ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13(e)-4(c))
This Form 8-K and other reports filed by the Registrant from time to time with the Securities and Exchange Commission (collectively the "Filings") contain forward looking statements and information that are based upon beliefs of, and information currently available to, the Registrant's management as well as estimates and assumptions made by the Registrant's management.  When used in the Filings the words "anticipate", "believe", "estimate", "expect", "future", "intend", "plan" or the negative of these terms and similar expressions as they relate to the Registrant or the Registrant's management identify forward looking statements.  Such statements reflect the current view of the Registrant with respect to future events and are subject to risks, uncertainties, assumptions and other factors relating to the Registrant's industry, operations and results of operations and any businesses that may be acquired by the Registrant.  Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned.
Item 2.01.
Completion of Acquisition of Assets.
On February 24, 2005 Ableauctions.com, Inc. (the "Registrant"), through its assignee and wholly owned subsidiary, 0716590 B.C. Ltd., exercised its option to purchase the 21,946 square foot commercial building and property that it currently leases along with two other tenants, located at 1963 Lougheed Highway, Coquitlam, British Columbia, Canada (the "Property").  The Property was purchased from Bullion Reef Holdings Ltd, a private company that is wholly-owned by the wife of Mr. Abdul Ladha, the Registrant's President and a director.  The purchase price was $2,221,316.
The Property consists of 19,646 square feet of commercial space and 2,300 square feet of residential property and is located on approximately eight-tenths of an acre.  The Property currently serves as the Registrant's headquarters.  Prior to the purchase, the Registrant leased the property, along with two other tenants, for a combined annual rent of $185,460.
The Registrant's board of directors obtained three independent appraisals of the Property.  These appraisals were provided to a fourth independent appraiser who recommended the final purchase price to the board of directors.  The purchase price was below the average of the three valuations and was paid in cash by the Registrant.  Mr. Ladha abstained from voting.
Item 9.01.
Financial Statements and Exhibits.
Exhibit 10.1
Agreement between Bullion Reef Holdings, Ltd. and 0716590 B.C. Ltd.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ABLEAUCTIONS.COM, INC.
"Abdul Ladha"
_________________________________
Abdul Ladha, Chief Executive Officer
Dated:  February 28, 2005
Exhibit 10.1
This Agreement dated for reference January 1, 2005,
Between:
Bullion Reef Holdings Ltd.,
a company incorporated pursuant to
the laws of the Province of British Columbia, having its registered office
at 19
th
Floor, 885 West Georgia Street, Vancouver, B.C., V6C 3H4
(the "Vendor")
Of the First Part
And
0716590 B.C. Ltd
, a company incorporated pursuant
to the laws of the Province of British Columbia, having its registered
office at #217 - 713 Columbia Street, New Westminster, British
Columbia, V3M 1B2
Of the Second Part
(the Purchaser")
Whereas:
A.
The Vendor is the registered owner of certain real property situate at 1963 Lougheed Highway, Coquitlam,  British Columbia, and legally described as follows:
Parcel Identifier: 004-925-963
Lot 129 District Lots 62 and 63 Group 1
Plan 51328 Except: Part within heavy black
outline on highway Statutory Right of Way
Plan 63067 New Westminster District
(the "Property")
B.
The Purchaser wishes to purchase the Property from the Purchaser and the Vendor has agreed to sell the Property to the Purchaser upon the terms and conditions hereinafter set out.
NOW THEREFORE THIS AGREEMENT WITNESSES
that in consideration of the mutual covenants and conditions hereinafter contained, the parties hereto covenant and agree each with the other as follows:
1.
PURCHASE PRICE
1.01
The Purchase Price shall be
TWO MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($2,750,000.00) CANADIAN
(the "Purchase Price") and shall be paid to the Vendor by the Purchaser on or before the Completion Date.
1.02
The Purchaser shall remit directly to Revenue Canada any GST payable in respect of the purchase of the Property.
2.
COMPLETION DATE
2.01
(a)
The sale will be completed forthwith upon execution of the transfer documents by
the Vendor, but in any event not later than March 1, 2005 ("Completion Date");
(b)
Tender or payment of monies by the Purchaser to the Vendor will be by certified
cheque, bank draft, or by solicitor's trust cheque;
(c)
All documents required to give effect to this Agreement will be delivered in registrable form where necessary and shall be lodged for registration in the appropriate Land Title Office on or before the Completion Date;
(d)
Time shall be of the essence hereof, and unless the balance of cash payment is paid and such formal agreement to pay the balance as may be necessary is entered into on or before the Completion Date, the Vendor may at its option terminate this Agreement.
2.02
At or before the closing the Vendor shall deliver to the Purchaser the following:
i)
a Form A Freehold Transfer (the "Transfer") prescribed by the British Columbia
Land Title Act
conveying the Property to the Purchaser, duly executed by the Vendor in registrable form;
ii)
a Statement of Adjustments approved by the Vendor.
3.
CLEARING TITLE
3.01
If the Vendor has existing financial charges to be cleared from title, the Vendor, while still required to clear such charges, may wait to pay and discharge the existing financial charges until immediately after receipt of the purchase price, but in this event, the Purchaser may pay the purchase price to a lawyer, in trust, on undertakings to pay and discharge the financial charges and remit the balance, if any, to the Vendor.
4.
POSSESSION
4.01
The Purchaser will have vacant possession of the Property at 12:00 o'clock noon on the day after the Completion Date (the "Possession Date").
5.
ADJUSTMENTS
5.01
The Purchaser will assume and pay all taxes, rates, local improvement assessments, fuel, utilities and other charges from and including the date set for adjustments, and all adjustments both incoming and outgoing of whatsoever nature will be made as of the January 1, 2005 (the "Adjustment Date").
6.
RISK
6.01
All buildings on the Property and all other items included in the purchase and sale will be and remain at the risk of the Vendor until 12:01 a.m. on the Completion Date.  After that time, the Property and all included items will be at the risk of the Purchaser.
7.
VENDORS' REPRESENTATIONS
7.01
In accepting this Offer, the Vendor hereby represents and warrants to the Purchaser that:
(a)
The Vendor is a corporation duly incorporated and validly existing under the laws of the Province of British Columbia and has the power, authority and capacity to carry out the transactions contemplated by this Offer, all of which will by the Completion Date have been duly and validly authorized by all required corporate proceedings;
(b)
The Vendor has, and will have on the Completion Date, good and marketable title to the Property, free and clear of all liens, charges and encumbrances except subsisting conditions, provisos, restrictions, exceptions and reservations, including royalties, contained in the original grant or contained in any other grant or disposition from the Crown,  registered restrictive covenants and rights-of-way, existing tenancies set out below and except as otherwise set out herein (the "Permitted Encumbrances")
;
(c)
All municipal taxes, local improvement taxes, rates, levies and assessments of every nature and kind with respect to the Property for the 2004 calendar year and all preceding calendar years have been paid in full, and the Vendor has no present and knows of no future obligations to construct or provide, or to pay monies to any statutory authority in connection with off-site roads, services, utilities or similar services in connection with the Property;
(d)
The Vendor has received no notice and has no knowledge of any intention of any statutory authority to expropriate all or any part of the Property or any intention of the applicable municipal authority to alter its zoning by-law  so as to affect, or potentially affect, the Property.
8.
CONDITIONS
8.01
The Purchaser's obligation to complete the purchase contemplated by this Offer is subject to fulfilment of the condition that the representations and warranties of the Vendor contained in this Offer being true on and as of the Completion Date with the same effect as though on the Completion Date.
8.02
The condition in 8.01 is for the sole benefit of the Purchaser and may be waived in whole or in part by the Purchaser.
8.03
The Vendor and Purchaser acknowledge that the Vendor is controlled by the Chief Executive Officer of the Purchaser and that this transaction may be regarded as a non-arms length transaction.
9.
GOVERNING LAW
9.01
This Offer and the Agreement resulting from its acceptance shall be governed by and construed in accordance with the laws of the Province of British Columbia.
9.02
There are no representations, warranties, guarantees, promises or agreements other than those set out above, all of which survive the completion of sale.
10.
BINDING EFFECT
10.01
This Offer and the Agreement resulting from its acceptance shall enure to the benefit of and be binding upon the parties hereto and their respective successors and assigns.
0726590 B.C. LTD.
BULLION REEF HOLDINGS LTD.
___________________________
____________________________
Per:
Authorized signatory
Per:
Authorized signatory