Seven residential sections at the $42 million Perriam Cove development near Cromwell are to be auctioned during a defaulting mortgagee auction this month.
Perriam Cove developer and Pisa Cove Ltd director Dave Robertson said the seven sections received titles last month and were sold, although because of the credit crunch, purchasers were unable to follow through with the sales.
Mr Robertson said of the development's 65 residential sections, all but the seven, as well as seven others, had been sold and settled.
The mortgagee auction will take place on site from 11.30am on December 13 during which lots 12, 15, 21, 42, 43, 44, and 45 will go under the hammer.
Perriam Cove's seven other sections yet to be sold will continue to be advertised on the property market.
Development on Perriam Cove, which comprises 12ha of lakefront property between Pisa Moorings and Cromwell, began early last year.
The current economic situation has affected other Central Otago properties, although not to the extent felt in other parts of New Zealand.
Other properties in the district advertised for mortgagee auctions include a 7.15ha property at Bannockburn.
Large Central Otago farming properties on the market include the 2407ha Mt Benger Station near Roxburgh, a 702ha freehold sheep and beef unit in the Maniototo, and a 843ha sheep, beef and fine wool farm in the Ida Valley.
