A run-down mansion linked to an alleged “criminal enterprise” has sold at a mortgagee auction today for $1.21 million – more than $2m below its RV.
The boarded-up eight-bedroom home on Hatton Street, in Karori, Wellington, was declared on the market at $1.175m by Bayleys’ auctioneer, with the hammer coming down two minutes later after a total of 23 bids.
The property, which has an RV of $3.41m, had been owned by a company whose sole director was arrested by police in 2022 over $1m worth of seized goods.
Bayleys agents Mitch Agnew and Madi Cowan had pitched the 1950s-era weatherboard home, which sits on a 2333sqm section, as a renovation project.
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Police told OneRoof last month that the property had been “restrained” under the Criminal Proceeds (Recovery) Act on November 25, 2022, as part of Operation Trump Card.
A spokesman said the operation was still before the courts.
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The New Zealand Herald reported in December 2022 that Helen Eng and her husband Chin Soon, 63, were arrested as part of Operation Trump Card. They were accused of being involved in a major theft ring in Wellington.
Police said they had recovered 298 bicycles, 950 power tools, 695 pieces of tapware and mixes, two baths, and a bonsai tree as part of the operation.
The Herald reported that the couple had a property portfolio worth about $20m. They both remain on bail.
The tennis court is overgrown and in need of serious repair. Photo / Supplied
The tiny cottage on the grounds is, like the main residence, boarded up. Photo / Supplied
Agnew said the Hatton Street property was popular at today’s auction, with about nine bidders competing for the property.
He said a lot of the buyers were looking for a project, but some were also looking for a bargain. He was unsure of the new owner’s exact plans at this stage.
“There were people genuinely looking to restore and live in it and – if it was going to go cheap enough - to renovate it and then put it back on the market.”
The location and large land size had all been huge selling points, he said.
Most people thought the house and tennis court layout was the best configuration for the property and planned to keep it that way, he said.
The Hatton Street property had been listed for sale on November 3, 2022, but was withdrawn a month later following a restraining order. The listing agent, First National’s William Yip, told the Herald at the time: “We’ve complied with all instructions in accordance with the order issued by the police via the court.”
OneRoof records show the property was again listed for sale with Yip in June 2023 and withdrawn at the start of this month. Yip’s listing had pitched the property as a development opportunity, and included plans for seven townhouses on the site.
Agnew told OneRoof last month he didn’t know too much about the property’s history. Bayleys was appointed by solicitors to sell the property on behalf of the bank, he said. “It’s my job to sell it and I don’t know too much about the back story.”
He told OneRoof that he believed people had been housed at the property, noting that the garage appeared to have been converted into living space.
What the house looked like in 2016. Photo / Supplied
The property last sold in 2016, for $1.84m. “It is so sad to see it now. It was a fantastic home,” Agnew said.
Photos of the property on OneRoof show boarded-up windows and doors, and the astro-turf tennis court in a poor state. There are no pictures of the inside of the house, although photos from the 2016 listing show that the interiors were well kept although dated.
The home, once known as The Lodge, was said in previous news reports to have VIP status. At one time it was owned by developer and philanthropist Sir Arthur Williams and former Reserve Bank governor Sir Spencer Russell.
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