Lake Waitaki Village, built during construction of the Waitaki Dam, is back on the market.
Considered the birthplace of New Zealand's social welfare system, at one point the 1930s village was home to 3000 people.
Bought by Kevin Brooks and Maureen Clifford in 2001, the 36-bed accommodation was envisaged as a corporate retreat for private companies.
Now with a 190sq m cafe/bar, a seven-bedroom lodge and eight three-bedroom houses, buyers had a range of options, Mr Brooks said.
The land offered opportunities such as adding caravan parks, tent sites or subdividing.
He and Ms Clifford had developed the property with a view to keeping its future use open.
It was on the market for three months last year.
"We made sure there were options,'' Mr Brooks said.
"Because you don't know the future, you just make sure you cover as many bases as you can down the road.
"I still think this valley could open up to tourism.''
Mr Brooks said he and his ex-wife had expected to attract corporate clients.
An operator could benefit if they drew people to the Waitaki Valley "and then utilised everyone in the area . . . everyone has a niche in this valley and it's the very, very best of it - it's unbelievable the talent out here''.
Roughly 7km from Kurow, on the Alps 2 Ocean Cycleway, the property could be bought by an operator looking to capitalise on the soon-to-be-completed part of the national network.
Mr Brooks said the property could be used to house workers on hydro-electric projects in the valley.
The village sits on a 14ha property and is listed as negotiable from $2.8million.
Its rateable value is $1.2 million.
