The sellers of an multi-million-dollar mansion in Auckland’s St Heliers have suffered one of this year’s biggest property losses, OneRoof can reveal.
Records show the four-bedroom, three-bathroom luxury home on Cheverton Place sold for $4.95 million in June this year - $650,000 less than what the vendors paid for it in 2021 and $1.55m below CV.
Last year, the property was listed as a mortgagee sale, driven by two private investors, Gold Band Finance and Alpha First Securities, which had been the lenders on the property.
At the time, prospective buyers were unable to inspect the property. The listing made clear that the agents had not inspected it and the listing photos showed only the exterior of the house.
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However, the mortgagee sale was cancelled and the property subsequently relisted in March this year, with buyers able to make appointments through the listing agent to view the house.
The new listing showed photos of both inside and outside the home and described it as a “resort-style residence of over 500sqm” that had a “far away feeling”.
Inside the resort-style mansion, as pictured in 2018. Photo / Supplied
An aerial photo of the home, which sits on a 2703sqm section zoned for development. Photo / Supplied
The gated property, the listing said, was set back from the road and included an inground pool, large master bedroom and guest quarters, and a “huge” media room.
The property was advertised with a fixed price of $4.795m but this was revised upwards to $4.995m.
A report from Business Desk last year linked the house to property developer Greg Olliver. The New Zealand Herald reported in June that Olliver failed in his bid to have his ban as a company director overturned.
The property was previously owned by former chief financial officer of BNZ Adrienne Duarte. In a profile published in the New Zealand Herald in 2018, Duarte described the house as “a sanctuary” that she was reluctant to sell.
The property was linked to property developer Greg Olliver. Photo / NZME
The Cheverton Place property is not the only luxury home to have been hit hard this year. An out-of-town investor suffered a $770,000 loss on the historic villa he bought last year in Auckland’s Freemans Bay for $3.85m.
OneRoof reported in September that the property sold for $3.08m – $15,000 below its most recent asking price and more than $1m under CV.
The investor had initially planned to transform the heritage mansion but the numbers didn’t work and he pulled the plug on the project.
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