Owner Perry Reid said yesterday he was keeping the property after being unable to find the right buyer.
Mr Reid put the 172ha property at Taiaroa Head on the market in February, when the tourism and farming operation was listed for tender with New Zealand Sotheby's International Realty.
Yesterday, Mr Reid said it was off the market, as a suitable buyer had not been found.
He was speaking from Picton, where he was sailing a catamaran he bought from Auckland to Dunedin.
That was part of what he said would be a million-dollar investment in the business.
It would be an operation using the catamaran and in partnership with other operators that would allow visitors to see "the whole spectrum of Dunedin in one hit''.
That meant everything from penguins and seals to Baldwin St.
The catamaran, bought secondhand after it was used with Whale Watch Kaikoura, could take more than 50 people.
It was "definitely part'' of the new operation.
Mr Reid said the company had a problem getting enough quality coaches to bring people from cruise ships at Port Chalmers to Wellers Rock.
The catamaran, set to be repainted and named the Albatross Express, would allow the company to do that itself.
It could also sail in a metre of water into places like Careys Bay, and while Mr Reid said he did not expect to use the feature, it could land on a beach so passengers could disembark by a gangway on the bow.
Mr Reid said the new venture would employ six to eight people, and "it could be double that''.
"This is a very positive thing for Dunedin.''
He expected the vessel to arrive in Dunedin in about two weeks, and the new venture to begin in early November.
Enterprise Dunedin director John Christie said the venture would provide more options for visitors.
"This sort of product development is something the city needs to continue to do.''
Feedback from cruise lines after the last cruise ship season was they were looking for more ways for passengers to use the Otago Harbour and more Dunedin-specific experiences.
Mr Christie said that fitted with what Mr Reid was doing.
