Wanaka property developer Infinity Investment Group Holdings Ltd has offered its $33 million development at Hillend Station for sale by tender.
Infinity managing director Bob Robertson said the company was prepared to accept an offer "much less" than its most recent $33million valuation.
A decision to sell Hillend Station was made earlier this week, but the development would not "officially" be on the market until October 1.
Mr Robertson said the decision to sell Hillend was not forced upon Infinity by finance companies or banks.
He conceded worldwide financial markets were in a wary state, which forced "everyone to be a bit more cautious", but the decision to sell would allow Infinity to free up cashflow.
It had other development projects and the cash raised from the sale would be used to fund various stages, or to pursue new opportunities, he said.
It took nine years for Infinity to be granted resource consents for the Hillend Station project, a 2534ha farm, which is located on the visually prominent lower slopes of Mt Alpha, overlooking Wanaka.
The development was strenuously opposed by the Upper Clutha Environment Society and Wanaka holiday home owner Dennis Thorn, who took Infinity to the Environment Court on appeal of consents granted by the Queenstown Lakes District Council.
About 98% of Hillend, which contains 43 residential lots clustered around landscapes, such as Timber Creek, and Nursery Gully, is covenanted against any future development.
Infinity intended to manage the station as a viable farm, surrounding the residential clusters.
"As an investor, you can only sit and hold on to land for so long," Mr Robertson said.
"We would prefer to be cashed up at this stage."
