Terry Serepisos' house sold for $1.85m

Last updated 15:54 05/11/2012

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Wellington businessman Neville McAlister is the new owner of bankrupt property developer Terry Serepisos' former Roseneath home.

Quotable Value records that the 420 square metre home, which was put up for mortgagee sale earlier this year, was purchased in September for $1,850,000 - $350,000 more than its 2009 rating value.

Mr McAlister is a prominent race horse owner, a partner in the Shoe Clinic and he and his wife operate the Platinum Lodge Bed and Breakfast at Judgeford, Porirua.

The multi-storey Robieson St home, on the eastern slopes of Mt Victoria overlooking Evans Bay,  sold on the instructions of Asteron.

Mr Serepisos was made bankrupt in September last year, owing more than $200m. 

Two of his other Roseneath homes and his Queenstown holiday home were sold in mortgagee auctions last year and most of his extensive portfolio of Wellington commercial properties have also been sold by receivers.

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- The Dominion Post

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