Bob's Cove Nature Reserve is a 42ha development 12km west of Queenstown on Queenstown-Glenorchy Rd, previously directed by bankrupt Dan McEwan.
Bob's Cove Ltd was placed into receivership by financier Strategic Finance on June 24.
Dan McEwan reportedly owes creditors over $100 million.
He is still a shareholder of Bob's Cove Ltd, which is now directed by John Reid, of Christchurch.
The report shows Bob's Cove Ltd owes Strategic Finance $10.2 million.
Receiver Anthony McCullagh, of PKF Corporate Recovery and Insolvency, said the development consisted of 94 lots to be developed in two stages.
The first stage of 15 lots was subdivided and initially valued at $600,000 each, but none had been sold, he said.
The approval for the first stage was delayed by about 18 months, causing large interest costs, and had resulted in titles being issued when the market for rural residential sections had collapsed, Mr McCullagh said.
The receivers met mortgagees Strategic Nominees Ltd and the New Zealand Guardian Trust Ltd to discuss options to maximise the return on the property.
"At this stage we are considering a number of different options for sale of the development," he said.
Strategic chief executive Kerry Finnegan said some of the options included seeking new or amended resource consents.
"We are looking at the best use to maximise the price to recover our debt," he said.
The New Zealand Guardian Trust is owed about $5.2 million.
Unsecured creditor claims totalled $108,335.
However, Mr McCullagh said it was unlikely there would be any funds available after secured creditors were paid.
There were 33 shareholders in the company, some of whom invested significant sums of money for minority shareholdings in the company.
One shareholder is Mr McEwan's son, Kelly McEwan.
He is a director of Forum Select Bob's Cove, which is in liquidation and owed $1.9 million by Bob's Cove Ltd, according to the receivers' first report.
Bob's Cove's website says 75% of the Bob's Cove site was to have been developed into a private nature reserve and the first stage consisted of 15 residential sections.
The 15 freehold fully serviced building sites are still being offered to the market on the website.
Luxurious country club facilities, including cafe and bar, indoor swimming pool, gymnasium and tennis courts were also included in the plans.
