The sale of the 2665ha 41 lot farm park development and 31 lifestyle block titles comes at a time when international financial markets are in meltdown and the New Zealand property market is slumping.
Infinity Investment directors would not disclose any details about the Hillend sale price, or identity of the buyer, for reasons of confidentiality.
However, the Otago Daily Times understands Infinity was prepared to accept tenders for the property at less than 10% of its most recent $33 million valuation.
Infinity managing director Bob Robertson told the Otago Daily Times last week there had been about 19 "good" inquiries of interest.
Negotiations with the New Zealand-based buyer started before October 1, when Hillend was scheduled to be placed on the market for tender.
Mr Robertson put the quick sale and interest in Hillend down to the property being "the right product in the right place".
Regardless of the parlous state of world financial markets, there would always be a strong market for properties such as Hillend, he said.
The development has a projected revenue of $67 million.
"A limited amount of these rare types of properties come on to the market. Whoever owns [them] will never lose money . . ." he said.
The decision to sell Hillend was not forced on Infinity by financial companies or banks, and was about "freeing up cashflow" for other property development projects, he said.
It took nine years for Infinity to be granted resource consents for the Hillend Station project, which is located on the visually prominent lower slopes of Mt Alpha. About 98% of the 2665ha property is covenanted against development.
Infinity's plan was to develop a 41-lot high-country resort, including a feature lake, walking tracks, guest accommodation lodge, a vineyard, and wine tasting facilities, with the balance of the property to be used as a working farm.
The property has also been subdivided into 31 titles of 20ha, with the majority of these serviced for residential use.
Hillend Station was tendered for international sale by real estate agent Bayleys Wanaka.
