I sold a $800,000 yacht on Ebay on a "No Reserve Auction". The winning bidder out of 38 gave a 20% deposit to save the sale. He didn't have the balance of $300,000 timely and wants his deposit back. We had to sell the boat for $26,000 less.

Do I owe him his deposit back?

What were the written terms of the deposit?

But it appears he gave a ? 60,000 dollar deposit ? If you sold the boat for 26,000 less, then he gets at least 34,000 back, which makes you whole.