A $8.8 million Auckland mansion up for mortgagee sale is a leaky building.
The sprawling Parnell home, now in the hands of the BNZ after the companies that owned it went into liquidation, is among a record number of properties forced to be sold.
But its "watertightness issues", which the bank and real estate agents Barfoot & Thompson were reluctant to comment on, could prove a major sticking point for any sale.
While the Barfoot & Thompson advertisement referred to the leak problems, agents referred Herald questions about the extent of the work needed to fix them to BNZ.
"As with any property sale, the market will set the value and ultimately the price that the property is sold for," a bank spokeswoman said. "We encourage prospective buyers to make their own inquiries and take all factors into account when considering this property."
The luxury home - which has seven bedrooms, a heated swimming pool, spa, sweeping views of Hobson Bay and an all-weather tennis court - is worth $8.8 million, according to a QV evaluation in August last year.
The property listing touts the sale as the "Parnell opportunity of the year" which is located in "arguably Auckland's most admired and sought after residential avenue".
The 2907sq m land is in both Auckland Grammar and Epsom Girls Grammar zones.
The bank took possession in April and the property is being offered for mortgagee tender.
Former property developer Paul Alexander lived in the house, which was bought for $7.2 million in 2006 by companies in a corporate trust arrangement.
All three businesses were owned by Mr Alexander's friend and business partner, Stephen Osborn, but Mr Alexander and his wife, Julie, lived in the mansion.
Early last year, the three companies resolved to wind themselves up and appointed liquidators.
According to a liquidator's report released last year, debt to BNZ held by one of the companies, Aries Holdings, included property law claims of $4.5 million "together with further amounts claimed by the BNZ relating to other cross guarantees which have been subject to dispute".
- Harry Pearl, New Zealand Herald
