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@Nishiki_Alien
Interesting. I've never been as desperate as in the case you put, but I don't think I'd ever buy a six-foot bike from a five-foot teenager. For a start, it's giving money to the same scum who stole any one of the bikes I've lost in London.
Benefit of the doubt: maybe your 'friend' thought about the situation after the bargain fever calmed down, and he had already bought the bike. That's where he's being really slimy. Once you've already done the wrong thing, wittingly or unwittingly, you should try and pay it forward a bit. According to the type of bike, google the owner, ask around, the cops might help, and www.nationalbikeregistry.com should be helpful. I know people who have done this, tracked down the owner, and come to an agreement.
Have to add, Gumtree seems to becoming something of a shark pool lately. Maybe something to do with eBay cracking down.