Bankrupt property developer Terry Serepisos' $1.5 million former Roseneath home has been listed for mortgagee sale today.
The five-bedroom 1980s house has been listed on TradeMe this morning under the name "King of the castle" to be sold by mortgagee tender.
The rateable value of the 420 square metre property at 11 Robieson Street is $1.5m and the rates for the property would cost nearly $7000 a year.
Property records show Serepisos paid $840,000 for the property when he bought it in 1997.
It has two large living areas, a gym, five bedrooms and four bathrooms.
Serepisos was made bankrupt in September owing more than $22m.
In December, one of his creditors obtained a court order for vacant possession of this property in Roseneath as well as another house at 17 Robieson Street. Serepisos reached an agreement to be allowed to stay at 11 Robieson Street until a later date despite the court order.
Two of Serepisos' other Roseneath homes and his Queenstown holiday home were sold in mortgagee auctions last year. One, a 1950s house at 21 Robieson St sold for $660,000, well over its $590,000 rating value. The other, a "character bungalow" at 23 Robieson St went for $705,000 - under its $960,000 rating value.
His three bedroom, two bathroom Queenstown holiday home was sold for $1.01m - $440,000 less than its rating value.
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- The Dominion Post