Mark Hotchin's Auckland mansion sells

MICHAEL FOREMAN
Last updated 11:52 29/11/2013

Relevant offers

Industries

Why faking your CV is a popular pastime Pager network to be switched off in 2017 TPP may force New Zealand to amend software patent law Shanton rescued, but another fashion store Identity in liquidation Rocket Lab signs deal to work with Nasa FMA sues former Milford Asset Management portfolio manager PWC says Australian GST move makes level-playing field in retailing more likely Oracle called time on fruitless dalliance with Inland Revenue Don't blame us, blame the traders: Property Investors Federation Sir Peter Talley predicts grim future for jobs, education

The seven-bedroom clifftop mansion in Auckland's upmarket Paritai Drive developed by former Hanover Finance director Mark Hotchin has been sold to China-born businessman Deyi Shi for $39 million.

The sale, which was flagged in July by Fairfax Media, was confirmed by agent Graham Wall, of Graham Wall Real Estate.

The sale price was nearly double the most recent council valuation of $22m on the property.

Wall, who marketed the property internationally, said he sold a lot of expensive property. Such homes were not subject to ordinary market conditions.

"Unique assets create their own market. It's the best house ever built in New Zealand, I think, and so it was not a hard sell."

Wall said he was unable to comment on whether a caveat placed on the property's title by the Financial Markets Authority (FMA) had been a hurdle in the sale process.

It is uncertain how much of any sale proceeds from the Paritai Drive property would flow back to the Hotchin family or their related trusts.

As well as the FMA caveat on its title, ASAP Finance, a company specialising in development funding, had a first mortgage on the property securing up to $6.31m plus interest.

Shi's Oravida Group specialises in exporting New Zealand food, including dairy products, seafood and honey, to China.

Oravida is also an investor in New Zealand and owns the landmark former Ports of Auckland building in downtown Auckland and a 5 per cent stake in NZX-listed honey products company Comvita.

Oravida's website has photos of Shi playing golf with Prime Minister John Key and the company has been listed as a major donor to the National Party.

Oravida said Shi was overseas and not available for comment. It was not known when he would return.

"At the moment I have no knowledge. He travels quite a bit," an Oravida receptionist said.

Ad Feedback

- Fairfax Media

Special offers

Featured Promotions

Sponsored Content