20 Oct 2011

Mortgagee sale of prime Lake Wakatipu land

6:29 pm on 20 October 2011

A prime piece of land on the shores of Lake Wakatipu is to go to mortgagee sale following the developer going bankrupt.

The 38-hectare Walter Peak Estate is across the lake from Queenstown. It has consent to build a luxury lodge or several homes.

Developer Rod Nielsen had planned to build a wilderness resort on the site with eight luxury homes, guest cottages and a hunting lodge.

Receivers of his company say creditors are owed more than $25 million.

The property has a government valuation of over $6 million. Three years ago, its valuation was nearly $10 million.