Walter Peak Estate, across Lake Wakatipu from Queenstown, is back on the market, after plans to develop it into a luxury resort failed.
Now based in the United States, former Aucklander Rod Nielsen bought the 38ha of land for $10 million in 2006, but the venture went into receivership three years later.
The developers had plans to transform it into a $50 million luxury estate and had already laid underground sewerage pipes and planted thousands of trees on the property.
Now, seven of the nine titles are on the market and will be offered in a mortgagee sale next month.
The property had consent from both the Environment Court and Queenstown Lakes District Council for the building of a "semi-wilderness" lodge along 820m of Lake Wakatipu frontage.
According to receivers at PFK Recovery, an estimated $25 million is owed to creditors.
Mr Neilsen had a home in Queenstown and bought Walter Peak Estate in 2006 for about $10 million off Ian Koblick.
He had joined forces with Justin Russell's company Walter Peak Development Ltd, but the pair had since reportedly fallen out.
Mr Nielsen also had property at Queenstown's Lake Esplanade, which recently went into receivership.
In 2008, he sold several Wakatipu properties to concentrate on his overseas developments, and one year later he was announced bankrupt.
Harcourts Queenstown will sell the Walter Peak property on behalf of the receivers.
Agent Warwick Osborne expects considerable interest from around the world "from developers, investors, property syndicates".
He said the present consent approved 17 buildings.
Last offered for sale in 2005, the new valuations on the property's seven titles total about $6 million. The sale deadline is November 23.
