Bendemeer marketing and sales representative Christchurch-based Chris Herbert said at the end of last week they were "not actively marketing" the fractional or proportional ownership options because "we want to know where the ownership falls".
The Bendemeer development, run by directors of the company listed in 1986, Christchurch-based Richmond Paynter and Wakatipu-based Ross Allan, and located on the terrace above Lake Hayes, offers buyers a proportional freehold ownership title of a villa, adjacent lodge, poolside pavilion and woolshed, without the responsibilities of owning and maintaining a second home, the project website says.
In May this year, Mr Herbert and Mr Allan told the Otago Daily Times the Bendemeer development was being sold, subject to the buyer's scrutiny, and "would become unconditional in about two weeks", but declined to name the prospective buyer.
The move to sell the development came after the directors received an unsolicited offer late last year from a potential buyer offering an injection of capital beyond the capacity of the developer.
Bendemeer was last year named as one of the dozens of developments linked to failed finance company Bridgecorp, now under investigation by the Serious Fraud Office.
In May, Mr Herbert said Strategic Finance was the main company involved then.
While it was reported on March 4 this year that Strategic Finance, owned by stricken Australian company Allco Finance Group, had virtually stopped long-term lending and switched to short-term to match its borrowings, on July 18, the Otago Daily Times reported a management buyout, backed by BOS International, a subsidiary of Halifax Bank of Scotland.
However, Mr Herbert said last week, after talking to Mr Allan, the offer for Bendemeer referred to in May had not been completed in the projected two weeks, but was "still on foot".
"Like all developments, it's had a degree of troubles. It still hasn't happened, but it's still on track, still moving."
He said he did not know when the sale would be completed, because outside consultants were involved and the directors were "not entirely in control of their own time-frames" on the sale.
Mr Herbert said they were not now actively marketing the fractional ownership options.
"We want to know where the ownership falls."
"It's simple. A new owner might make some changes. [It would] be imprudent for us to sell."
Mr Herbert said the existing owners who had bought into the fractional ownership were aware of the situation "and at the end of the day they are protected".
He said they "are protected by a sunset clause."
However, anyone could still buy a section in the Bendemeer development.
"Only the fractional ownership is on hold while they go through this process."
Bendemeer director Ross Allan last week arranged to meet and talk to the Otago Daily Times yesterday, but when phoned did not return the call.
Richmond Paynter did not return calls from the ODT.
