The Cave Rock Apartments on Marriner St in Sumner can now be sold and demolished following a High Court judgment by Justice David Gendall on Tuesday.
A two-day hearing was held in October to put an end to a battle over the future of the complex, which was damaged in the February 22, 2011, earthquake.
A dispute started between unit owners after an insurance offer of $21 million was settled last year.
Forty-six out of 50 owners agreed to divide the payout and sell the land to Peterborough 15 Ltd for $4.8 million.
However, four disagreed over how to divide the proceeds, which prevented the sale as a unanimous decision was needed.
One of those stopping the sale was Peter Foster, who wanted a higher payout than members of a body corporate for the Cave Rock Tavern at the back of the complex.
But Justice Gendall ruled in favour of the body corporate, which means the funds will now be distributed and the land is able to be sold.
Body corporate chairman Mike White said he is happy owners can move on from the situation .
Fourteen unit owners have died while waiting for a resolution, one died last week.
"It's been difficult," he said.
While Peterborough 15 Ltd was the nominee company during the hearing, Citadel Property will buy the land.
Director Jonathan Lyttle said Citadel Property is excited about taking over the site.
"We are really happy for the members of the body corporate and owners who have been through quite an ordeal."
He said the company has plans for the site, which will be announced after Christmas.
"It will add a lot of aesthetic amenity to the area."
Said Linwood-Central-Heathcote Community Board member Darrell Latham: "I delighted to hear that the process has been concluded and those affected are now able to move ahead.
He said the decision will be welcomed by residents.
"For Sumner, it means what has been a blight on the landscape will now be able to be rectified."
