In October, the Otago Daily Times reported Cecil Peak, a 13,000ha high-country farm, was being marketed for sale by Bayleys.
The farm, which has been in Singaporean ownership for more than 30 years, has a $33 million rateable value, with a "guide price" of $60m.
Bayleys’ senior broker John Greenwood, of Auckland, told the ODT there was "excellent" inquiry from the market, and several strong offers. However, they fell short of the vendors’ expectations.
Mr Greenwood said discussions were continuing with a New Zealand-based party, and one based offshore.
Any overseas buyer, however, would require Overseas Investment Office approval, because the farm was sensitive land.
The off-grid farm extends up two main valleys running from Lake Wakatipu and comprises 13,087ha of high-country pastoral lease and 329ha of freehold land.
The pastoral lease provides a right to run 14,000 sheep, but the farm now operates with between 3500 and 5000 sheep and up to 500 cattle.
The freehold land extends across most of the station’s flat country, comprising grass and tussock for stock to run on over winter before heading into the leasehold high country over summer.
It also has 23km of lake frontage and country going up to an altitude of 1978m on Cecil Peak itself, which is directly across the lake from Queenstown’s CBD.
The property includes several late-1800s stone buildings, a farm manager’s three-bedroom home, two other homes used by staff, two cabins, shearers’ quarters, woolsheds and covered sheep yards.
A small hydro-electric station delivers power to all the buildings.
Mr Greenwood said two interested parties believed the property would be a "magic place" to create a high-country golf course.
"Around the world there are some unique golf courses that are only played by those who can afford it.
"But of course off the back of that, it promotes a huge industry for tourism.
"I’d like to see it turn into something that shows the land off.
"If they did a high-end golf course, it would then be open to the public — providing they could afford it — and it would just help Queenstown and the country."
Due to the sensitive nature of the site, and because it can only be accessed by boat or helicopter, Mr Greenwood said any potential development would likely be limited to a golf course, lodge or tourism-related experience.
The most recent similar property to be sold in the district was the 18,000ha Halfway Bay Station, which sold in 2022 for an undisclosed sum, reputed to be $30m-plus.
