- Pakatoa Island, owned by John Ramsey, is back on the market for $60m.
- The 24ha island in the Hauraki Gulf offers development potential with aged buildings and facilities.
- Ramsey, who bought the island in 1994, has been attempting to sell it since 2006.
A $40 million island withdrawn from sale last year has returned to the open market – and this time the owner wants $60m for his island paradise.
Start your property search
Multi-millionaire John Ramsey has had Pakatoa Island on his books since 1994. He bought the 24ha property in the Hauraki Gulf for $4.25m and for a time lived there with his family.
Back then there was a functioning hotel on the island – Oscar winner Russell Crowe was a bingo caller there before Hollywood came calling – and it was viewed as a holiday destination for Auckland families.
The property was once a holiday destination for Aucklanders but is now a shadow of its former self. Photo / Supplied
Now the island, which is 75 minutes from Auckland CBD by ferry, hosts an assorted array of aged buildings and chalets, and is being sold by Ramsey as a development opportunity.
His agent, Stephen Hudson, from New Zealand Property Limited, says in his listing that the island is being sold “complete with the old resort buildings and facilities” – as well as three white sandy beaches and a wharf capable of landing commercial ferries.
There is the “potential to refurbish or demolish and potentially rebuild the 62 accommodation units, staff quarters, tennis courts, squash courts and nine-hole golf course”.
Alternatively, a buyer could flatten the lot and build a private mansion estate with whatever is left in their bank account after handing Ramsey his desired $60m.
Discover more:
- Home of the Year sells for $12.5m - beats its CV by more than $2m
- New Zealand's cheapest suburbs: Where to buy a house for less than $500,000
- NZ's off-grid hideaway 'becoming a playground for wealthier people'
Ramsey, who made his fortune in the meat business, has been trying to sell the island since around 2006, according to a report in the New Zealand Herald from January last year.
A troop of real estate agents have tried their hand at selling the island, and some in the industry have questioned whether Ramsey genuinely wants to part with it.
Ramsey told Herald reporter Anne Gibson last year that he had pulled all advertising for the island and had decided to keep it.
One of three white sandy beaches the island offers. Photo / Supplied
“It’s no good putting the money in the bank. One day, I will sell it. But I don’t want the money for anything because I’ve got nothing to invest it in,” Ramsey told the Herald.
Fast forward 12 months and Ramsey has put Pakatoa – spelt “Pakatua” in the listing – back on the open market. The stated asking price is a record for the residential real estate market, although it could be argued that rural and commercial property listings, which Pakatoa could comfortably fall into, ask for way more.
Hudson told OneRoof that Ramsey had given him the chance to market the island “on a global stage” with his company New Zealand Property Limited. He said his website had the audience that “can hopefully find the vendor the buyer”.
He also highlighted that the correct legal name of the island was Pakatua.
OneRoof talked to Hudson back in 2020 when he first attached his name to the listing. He had just switched to a career real estate after 35 years as an “entrepreneurial” businessman and was working Century 21.
He told OneRoof at the time: “You’re only as good as your next sale, so I’ll keep my head down and keep looking for new listings.”
- Click here to find more properties for sale